My SO's family owns a mobile home park in the middle of Ft. Worth, TX. His grandmother has mentioned selling it in the past, and the family came up with a random number they want to sell it for, without taking into consideration how much the property is worth. We would like to buy the property, as my SO grew up working there and would love to keep it in the family. We also have plans to invest in property in the future but are still working on how to start. This park is around 80-100 acres with a large pond, paved roads lined with trees, and very well kept mobile homes, with a main house that was his great grandmother's. What is the best way to go about attempting to buy a property like this? We arent even sure where to begin!
You would need to know the financials. Lot rent, home rent (park owned homes), condition of homes.... Then you can get a basis of an idea of the potential cost. Additional land and "potential" are just that and difficult to put a value on.
Once you get an idea, you might be able to setup two separate companies: Yours and have the GP set up one for the estate. You then could buy from the estate and have them hold the note. (recommending the two companies to protect the family interest and potential issues money causes)
Sounds like it could be a cash cow for which you could never work another 9-5 job again.....
Good luck with it. I am still trying to find capital for my first purchase. I have some good leads but have not pushed much further due to my lack of capital.
@Joshua McFarlin I believe they are currently charging around $360 per lot. each lot has its own yard and the houses are very well kept up. They have over 50 homes but I don't know an exact number. They currently use the "unused" acreage for hay and there are a few oil pumps. This property has been supporting the family for years, and now they are wanting to sell because the property is worth so much, we just dont want to see it go to some business that will kick the tenants out and put a building on that beautiful land!
@Hailee Walker You'll probably have to see what they want to sell the property for. If they're selling because they know it's worth a lot and want a ton of money for it, you may be looking at an unmotivated seller. Last thing you want is to get into a bad deal and overpay. Also, I'd be cautious mixing family and doing business together. Good luck!