Mobile Home Park - Owner Costs and Suprises
I am currently eyeballing a couple of smaller Mobile Home (not Rv - though i like those as well). Not having been involved with a park, anybody have some good ins and outs on what to look for? What issues can creep up? Where the surprise gotcha's will be?
Analysis looks good from my end....not as rosy as it does from theirs...Love it when they show increased profits and 0 increase in costs over time.
Rents are 350 and seem reasonable for the area. No units owned by park. Dont want to go there.
The management fee listed (i know...do my own diligence), seemed low at 1500.00 annually so i bumped that up to 3k.
Units connected to Public sewer so no real worries there although i wouldnt mind TV'ing the sewer for condition.
From the standpoint of low capital expenditures, low turnover on rents, etc, MHP seem like a great place to park some money.
Thanks in advance for any advice.
Patrick