To Mobile Home Park, or not to...
I found a mobile home park in the location that I was looking for multifamily property, at the price that is within my budget, 5 leased units plus one vacant lot. Since I am new to real estate investing and am just starting to feel comfortable analyzing SFH and SMF rental properties, I am not sure that I know all I need to know to take advantage of this deal. So, I'm asking anyone who has owned, rented, or lived in a mobile home to give me your insights on things to know and consider regarding this investment. Thank you!
Most Popular Reply
@Tanya M. Tucker for the most part what @Brenden Mitchum is telling you is correct. Some caveats though are if you own other rental property in the area a small MHP could work or if you plan on buying another MHP in the area it may also work. The biggest thing you have to consider is your exit and unless you can make this a really nice small park or group it with other assets as part of a package it will be hard to exit any time soon.
This park will be right for someone but is that someone you? I look at MHP every day so if you are still considering it and want a second set of eyes to look over the numbers I would be happy to help you out.