Updated about 7 years ago on . Most recent reply
Mobile Home Park Maine
I have a real opportunity to buy a mobile home park in my home town inMaine. Its a family deal... My uncle who is 72 started the park and is wanting to retire. Family deals are tough but thats a separate topic.
The park has 68 pads, with 59 of them filled. Monthly lot rents equal about 20k. He has been talking a number around $2,150,000 which seems to be a decent cap rate but the park road needs paving and some of the sewer systems need to be tied into city sewer and taken off from aging leach fields. These 2 expenses would equal approximately $300k. Should I pursue this, where can I get real advice on this?