Turning around a Mobile Home park.
So I just got a mobile home park under contract. The agreement is well below the advertised sale price and puts the park at a 10 cap.
The park is only at a 30% occupancy rate and the owner isn't running it well and doesn't have the funds to turn it around.
I could wholesale this place but I'm a little more interested in renovating the park. It looks like there is a lot of upside potential. Buying the place at a 10 cap when it has room for 70% increased occupancy seems like it would be way better to renovate it. Is anyone experienced with investing in distressed mobile home parks? Thanks.
- Clint