New Mobile Home Park Owner
Hey Bigger Pockets Family,
My partner and I are preparing to close this week on a small mobile home park in Midland, TX. This will be a first for us both and I wanted to get your feedback and experience in owning and running a MHP. It has 23 lots, and is mixed with 9 RV spots.The park is pretty run down, as the previous owner is an older gentleman and hasn't even raised lot rent for about 5 years. Lot rent is about 100% under market rate. All Mobile Homes are owned by the respective tenants, although 2 are being sublet, and not a single tenant is under any type of lease agreement. There is also a small efficiency apartment on the property that comes with the sale. We don't want to hire a property management company, as we would rather find someone willing to live rent free on the property and collect rent, and keep up the grounds.
Currently 85% occupied.
- We have plans to put about 50k in repairs, as well as use a portion of that 50k to put 1-2 newer mobile mobile homes on the property. Items on the agenda are:
- - pave road going through property
- - light landscape work
- - build perimeter fence
- - clean debris around park
- - set actual gravel pads where RV's will go
- - acquire newer MH's at wholesale price to owner finance to new tenants
- - add extra security lighting and cameras to property
- Any and all advice is welcome!