Updated about 3 years ago on .
Jonesboro Mobile Home Parks
Investment Info:
Mobile home buy & hold investment.
Purchase price: $733,000
Cash invested: $733,000
4 Mobile Home Parks with 32 Park Owned Homes
What made you interested in investing in this type of deal?
Had been looking at mobile home parks for quite some time. Found this deal and it seemed to be a cash cow
How did you find this deal and how did you negotiate it?
Contacted the sales agent and happened to walk into the deal where the previous buyer had passed away a few days before closing. I ended up getting the property for a discounted cash price over the appraisal.
How did you finance this deal?
Cash
How did you add value to the deal?
Rehabbing and repairing and issues with park owned homes as well as evicting non-paying tenants and raising rents slowly to market value.
What was the outcome?
Still in the process of stabilizing. Moving in the right direction. A lot of capex improvements have been made regarding damaged homes and increasing park value.
Lessons learned? Challenges?
Seller had lost titles to all homes. I had to go through the painful process of trying to figure out how to get new titles. Wasted some money on a lawyer for power of attorney from seller. Turns out I just needed to pay for bonded titles. Still awaiting their issuance.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Brooke Wells in Arkansas. She is fantastic and has gone out of her way even after the transaction has closed to help me in any way. You can DM me for her info if required.