Mobile home park values
Anyone with knowledge about Mobile Home Park investing? I am looking at an 18 space mobile home park with a 2 bedroom house on the property as well. There are only 8 of the 18 spaces with mobile homes on them and 7 other spaces are being used as camper/rv parking with month to month leases. The house is also being rented out. The owner does not live in the park. It is a mom and pop park that has been owned by the same man for several years whom is now too old to run it and none of his kids want anything to do with it either. It has been neglected for years. Could I ask for the value of the home and base my offer price on the home and land? Or as a park in whole? He makes up his lack of mobile homes with the camper/rv spaces but I do not want to run an rv park. Can I put all these concerns in to my offer, or would that not even matter? The way the park is being ran I believe it is very over priced. It would take a lot of time to bring in mobile homes to fill all the spaces and run it efficiently.
Any suggestions??