Looking for advice - Mobile Home Parks
Hey BP!
I am looking for some advice in regards to purchasing mobile home parks. For a few years I have wanted to purchase a mobile home park (I have a friend that owns one and he makes $$$$$) but have felt I did not know enough. After many hours of research and listening to the latest BP podcast I fell that I am ready for the challenge.
I have found the following parks for sale in my area............
$750,000
59 Lots, 44 Occupied @ $265-315, 15 vacant lots
Monthly income approximately $12,550
Annual income approximately $150,600
$900,00
30 Lot @ $225, 8 Vacant Lots
5 rental homes @ an average of $500
Monthly income approximately $9,250
Annual Water/Sewer Income approximately $30,000
Annual income approximately $141,000
Any advice on these properties? How do the numbers look? What should be a concern? etc.
Thanks in advance!