Mobilehome Park Purchase
Looking at a mobilehome park and at listed price shows an 8% return. There are some RV spots that are rented sporadically, but they show the mobilehome units being rented with little vacancy rate for the last year. With that said, there are 25 POH and 5 TOH. The park is approx. 3-1/2 hours from us so would need an onsite manager and handyman. There are 8 units that are late 70s, 80s and 90s. The rest are all in the 2005 - 2012 so newer homes. What kind of return do you expect before purchasing a mobilehome park and is it just a bad idea with so many POH and being so far away. Should a mobilhome park be purchased closer to the owner? The park is all on city services, which I like, and also the prospect of selling the POH and carrying the papers. However, not sure how hard it is to find people to purchase POH or typically how long it takes to turn them into TOH.
Just wondering thoughts on this, and keep in mind I am waiting for a clearer financial picture.