Updated almost 3 years ago on . Most recent reply
Mississippi Mobile Home Park
Investment Info:
Mobile home buy & hold investment.
Purchase price: $36,000
Cash invested: $40,000 (Counting repairs and the purchase price)
Mobile Home Park in disrepair. Now cash flowing 2,000 a month not counting the note on one of the homes a tenant is buying.
What made you interested in investing in this type of deal?
Entry Price. It was my first park and since it was so cheap a lot could go wrong and I still be ok. In other words, low risk.
How did you find this deal and how did you negotiate it?
A wholesaler had sent it to me. Due to circumstances around the park it had to be a quick close. I had just BRRR a property that I had purchased the year before so I had the cash.
How did you finance this deal?
I paid cash.
How did you add value to the deal?
Basically cleaned it up so that the tenants couldn't argue with the rent increase.
What was the outcome?
A cash flowing property with very little oversight now. Low maintenance.
Lessons learned? Challenges?
Do more due diligence by asking more questions. Dealing with the city is probably the biggest challenge.