All Forum Posts by: Alphonso Clark

@Account Closed there are 2 other parks in the area where the lot rents are $125 in one and $150 in the other and I have 2 rentals in that one. So I was thinking I could clean up this park, move my rentals add some more homes and increase the monthly lot rent. The biggest scare I have is the septic tanks I have a network of people that can remove the older homes and clear off the overgrown lots and I'm willing to do some of the work myself to try and make this happen.

Those are some of the questions I've been asking myself and I think $5000 a lot is too much for a park that's not performing

There's a local park that I've been interested in buying for years but the owner never wanted to sell. After a couple of years now he ready to get rid of it.  The park has 27 lots 8 of which are currently rented for $85 a month.  7 have old homes no one's lived in for years that have been stripped of almost everything and need to be torn down or removed. The other 12 are overgrown lots that need to be cleared off. There's also an old storage building included as well. I think each lot has its own septic tank, water, and electric meters. The gravel roads throughout the park are in bad shape and need some work.  The owner is asking for $5000 a lot and said with $10000 down I can pay however I'd like each month. I really want this park to turn it around and add value to this community so any and all help and advice will be greatly appreciated.

Hello guys, 

John the lot rents in this area vary from $100 to $300 a month so it's on the low end. I was thinking of rehabbing the homes and renting them out my thinking is this will be where my profit comes from since this is a small park. They are on city water and sewer and they're on separate meters.

Rob thanks for those suggestions I'll be making those calls tomorrow.

Brad I'll do this when the owner can meet me there.

Thanks guys

I a mobile home investor and I'm currently thinking of buying a mobile home park. I've talked to a park owner who's looking to sell. He has a park with 7 lots, 1 vacant lot, 6 with homes  4 park owned homes 1 is vacant, 2 owner occupied homes. Current lot rents of $100. I'm not sure what the current home rents are or the make up of the homes as far as bed/bath or sqft. According to the owner this is on 2/3 of an acre, Yes he said 2/3 of an acre. 7 homes on 2/3 of a acre seems a bit much. He's asking $90,000 and he's for $30,000 down and willing to owner finance the rest. He's open to other creative financing I don't know exactly what but he's open. I currently have some family members that are willing to invest but I'm not sure how much time and or money. So I need to know what to do as far as my due diligence? Financing? Partnership? I'd also like to know wwjd? @johnfredo

I a mobile home investor and I'm currently thinking of buying a mobile home park. I've talked to a park owner who's looking to sell. He has a park with 7 lots, 1 vacant lot, 6 with homes  4 park owned homes 1 is vacant, 2 owner occupied homes. Current lot rents of $100. I'm not sure what the current home rents are or the make up of the homes as far as bed/bath or sqft. According to the owner this is on 2/3 of an acre, Yes he said 2/3 of an acre. 7 homes on 2/3 of a acre seems a bit much. He's asking $90,000 and he's for $30,000 down and willing to owner finance the rest. He's open to other creative financing I don't know exactly what but he's open. I currently have some family members that are willing to invest but I'm not sure how much time and or money. So I need to know what to do as far as my due diligence? Financing? Partnership? I'd also like to know wwjd? @johnfredo

Thanks @Curt Smith , I know the Lonnie deals are done, @Rachel H. , I've thought about a partner but most of the people I know are afraid or financially unavailable to invest. @Paul Ewing I currently have 3 MH's that I use my credit cards to rehab and for any incidental's that may pop up. @Leslie A. i used saving and tax refunds to buy 2 of my places as well. I was looking for a way to buy a couple more places. I've never tried a private or hard money lender and I wouldn't know where to start or if they even do loans for MH's. 

How do I find funding for investing in mobile homes to buy, rehab, and hold?

Quick thought have the land developed and find you a couple of mobile homes placed on it and rent those out. That way you keep your family land and have your rental properties.

Thanks Brandon, I look her up and start reading.