Updated about 7 years ago on . Most recent reply
To Buy or Not to Buy, that is the question
Found a Mobile Park in my area that seems like it would cash flow very well. But I am concerned by what it could cost to update the park.
Upside is there are 12 pads of tenant owned mobiles and a small house on just under 2 acres with a gross rent of $3,700 not including two units non occupied, owner is asking $200,000 for the whole thing.
Downside, went to the park and found it very run down and cluttered with trash. The park is 5 miles out of town and in the country and the owner wants to sell as is.
Seem like it would be profitable, but if I wanted to turn it into a nice park, might get expensive. Any advice?
Most Popular Reply
Bruce, without knowing all of the details, the price seems right. Your strict management combined with the reinvestment of ample cash flows should turn the eyesore into a nice park.