Mobile Home Park – what to look for?

[Scott F.]

Mobile Home Park – what to look for?

I’m interested in acquiring a mobile home park in Michigan. I’ve owned plenty of residential, commercial and industrial properties, but never a Mobile Home Park. So I’m looking for some direction from those that currently or formerly have OWNED one or MANAGED one please.

What am I looking for, how many pads are better (more vs less), what to stay away from, cold climate vs warm climate, rural vs city sites, can it be run without an onsite manager – (probably depending on the number of pads)?

Any good books on parks I should be reading (recommendations)?

My target would be 100 or less pads per site. In the past all I’ve looked at are either really old – built the day after the earth cooled or too new to make sense from a cash flow point of view.

Looking for input from an experienced operator, prefer parks in Michigan.

Thanks!

[Adam Johnson]

I own a park and will buy more as the right deals come along.  I prefer parks close to or larger than 100 pads for the reasons Joel commented on, I value my time.  That size park can afford to hire part or full time people to deal with a lot of day to day issues.  They do require some effort, but don't have to fill your schedule either.  I avoid small parks, say less than 40 pads, unless they are close to other properties I own.  Same reason, so I can use people I already have to deal with day to day stuff.