Distressed MHP (40 units) on 50 + acres

[Dennis Crook]

Our Company normally buys distressed property to get cheap building lots which we keep to build our energy efficient rental units on. In our recent travels we came across a Distressed MHP (40 units) on 50 + acres. Many of the renters are still on site but the park is very run down and 2 of the mobile homes had caught fire with debis still sitting on the site. The past taxes are overdue and has been put on the local county tax deed sale. The MHP is also into Fed. Bankruptcy. 

I know that the MHP pays taxes separte from individual mobile home unit owner, unless the unit is also owned by land owner (MHP).

$130,553 is owed on land

$288,277 is owed on individual mh units

the county has property assessment total at : $712,740  

lot assess: $421,880

property assess: $290,860

we were looking to use for development of rental units but are looking into keeping MHP secton and remodel to keep income coming in, then to make proposal to expand into other permanent rental units. 

we would seek a limited partnership with people having more MHP experience.

please advise!

Dennis MAQ Crook  

[Jay Hinrichs]

specialty asset for sure  smart to partner with someone with experience.

does it have city water and sewer.. I personally would not buy one without.

I have owned 3 parks one without and its a major major issue in most jurisictions.