All Forum Posts by: Jena Liberty

HI Everyone!

I am a real newbie here and with investing. I have a lot read a lot in mobile home parks and will be investing in one or more within the next year. My question is at this point is-- should I secure financing first or should I be narrowing down the parks I am interested in? I spoke with a residential broker who suggested  I get a loan first and go park shopping after. Any thoughts or comments would be greatly appreciated.

Regards 

Jena

Hi Andrew, just on the surface I would say the answer depends on at least a couple of factors. 1) what is your reason for investing - buy and hold or fix and sell. 2. How will you finance. Debt service is not included in net income figures and eats away a lot of profit. Smaller parks may not generate enough income to cover debt and your desired income. 

I was looking at buying several small parks but am now just focusing on buying the largest park I can afford with the best numbers I can find. 

There are super savvy people on Bigger Pockets. Hopefully some will reply to your post for a more full understanding.

Thank you all for your comments. I am seeing that a larger park would be the better use of time and exit strategy.

Hi Everyone, I am new to mobile home park investing. I need some advice on whether it's a good idea to buy a few small parks or one large one. My thinking is maybe diversifying in 3 states would be a good thing in case of natural disasters. Also I would gain more experience with deals this way. But one larger park might give me more income. Any thoughts or comments would be greatly appreciated.

Hi I'm certainly no expert but have been doing a lot of reading on Mobile homes. The rent is too high because that's almost a house payment or apartment rent in many areas. You may have trouble finding and keeping renters at that rate.