Maybe I will buy a Mobile Home Park?
There is a mobile home park that just went up for sale in my area. It is a small 5 unit park with only two homes on two of the lots. The homes look pretty junky. She is not asking much for it. I think I could get it for a good price. It is right around the corner from a big beautiful lake in Southern Minnesota.
I listen to the podcasts every day and hear @Brandon Turner talk about mobile home parks and how he recently purchased one. I started looking into the idea of maybe buying some lower priced mobile homes, move them in, fix them up, sell them, rent out the lot. Hopefully buy flipping the home and turning it into a nice property I will attract better tenants. If it worked out for two of them I would try and do the other three lots the same.
My other issue I am having is finding comparable properties in my area. There is no other mobile home park that I can find in this town. So as far as finding what the going rent is, I have no idea because there is no one else doing it in the town. Obviously rent depends on the area and the current demand in that area. Wondering what numbers you guys get a month for a lot?
Any tips, tricks, or advice anyone has about mobile homes would be greatly appreciated. Any good books are good articles to read would also be great.
Thanks in advance. LOVE BP!