Louisville Mobile Home Park

[Jordan Moorhead]

Investment Info:

Other buy & hold investment.

Purchase price: $1,000,000
Cash invested: $250,000

We bought a fully occupied 30 lot mobile home park with a single family home on the property. This is in a great area of the Louisville metro and had extremely low rents. We'll be raising the rents and making improvements as time goes on. We're very excited and are looking for more MHP!

What made you interested in investing in this type of deal?

I've been casually looking for mobile home parks for a few years and seriously looking for a year

How did you find this deal and how did you negotiate it?

Direct to seller through rekationships

How did you finance this deal?

Local Bank financing

How did you add value to the deal?

Raising rents and better management

Lessons learned? Challenges?

We want more mobile home parks!

[Chuck B.]

That’s exciting, kudos!! Can I ask what area? How about a little more color on the numbers… how much value add is expected? What will normalized slip rates run versus where they are now?