First Time Mobile Home Park Purchase
I am looking at purchasing a mobile home park in the town I live in. The basics of the listing are:
Purchase Price: 2,500,000.00
NOI: 224,000
Cap Rate: 8.96
5.311 acres
18 mobile homes
Renovated in 2020
I have never made an offer, let alone purchased a mobile home park. I am local and would like to handle the management myself. What advice do you have? What mistakes should I avoid?
Like I said, I’ve never done this, so please be brutally honest with me. Thanks in advance!