Real Estate Agent · Jackson, TN · Member since 2017 · 43 posts · 10 votes
Hello fellow BP members.
I have recently looked into purchasing a trailer park. The park has been let go and is very grown up with trashed trailers on the property.
My plan is to clean up the park and take the test down trailers off the property and just rent out the pads that other trailer owners can put there property on.
I would appreciate any suggestions or comments.
@Nathan Lilly If you can get the numbers from the seller on the property, it would help. Also, start making a list of work that needs to be done. Try to get invoices of any work done to the property in the past few years. Talk to the contractors who did the work. They'll be able to give you a better idea of the condition of the park. Good luck!!
@Nathan Lilly If you can get the numbers from the seller on the property, it would help. Also, start making a list of work that needs to be done. Try to get invoices of any work done to the property in the past few years. Talk to the contractors who did the work. They'll be able to give you a better idea of the condition of the park. Good luck!!
I have not done much due diligence as I can't figure out were to start.
the park has been left vacant for probably years. So there is no one occupying the property. The trailers were trash. I have spoke to someone on lot rents.
how many unite? This type of turnaround is the hardest type of turnaround you can do. If the trailers are salvageable then they are easy to turn. But you either have to pay in cash or owner has to carry with nothing paid the first year or two as it sounds like the property doesn’t have any income. Also unless you have lots of capital it could be worth it if you can get good terms. All the best of luck. Make sure to pick up at the minimum the due diligence Manuel from frank and Dave.