Has anyone done a complete clear out and restart of a MHP?
I've got a lead on a park in a great location and school district, but the place is an absolute dump and is below 10% occupancy. I did a drive thru yesterday and it needs a complete overhaul. There are 20+ vacant homes that look beyond repair and frankly if they were salvageable, they wouldn't be up to the standard that I would be hoping to create in a fresh new community.
My question is, has anyone had experience taking on a project like this? If so, I would love to hear how it went for you and any tips for making it successful.
If I aquire the property, I hope to do a master lease with option and have very friendly terms in the first year or so to allow me to turn the property around without the high financial burden on a property that doesn't make money. All thoughts will be appreciated!