Inherited a MHC/looking for advice
I recently inherited a MHC from a passing family member. It sits on 60 acres of land with 48 pads approved for the MHC. 17 of the pads have Private water, electric, and septic. The remaining 31 pads just have water and electric but need septic added.
Currently 6 trailers are owned by the MHC and they rent out for $650 a month for trailer and pad. The 7th trailer tenant owns their trailer so they just pay a pad fee of $350.
The property has no debt and all the trailers are owned outright and they are all from the 2000's. about four of them were purchased 5 years ago so they are all relatively new.
My expenses for the property are about $600 a month currently. So I have a positive cash flow of $3,650 a month. I want to figure out a way to build this park up and what's the best way to go about it. It's located in a rural depressed area in upstate NY. Most people don't have ways to afford housing so they look to rent.
Also If I could get the 48 lots filled I could go into a phase 2 expansion for about another additional 100 lots for a total of 148 lots.
Cash is tight at the moment and my credit is fair so I am looking for some ideas on how I could potentially build this up. The property is 3.5 hours away from me.