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Updated over 2 years ago,

User Stats

9
Posts
2
Votes
Jared Lundy
  • Investor
  • Joplin, MO
2
Votes |
9
Posts

Need advice on buying a small mobile home park

Jared Lundy
  • Investor
  • Joplin, MO
Posted

I am fairly new at Real Estate Investing. I have come across a potential deal for a trailer park in the Carthage, MO area. Some out of state owners are trying to sell their 2.7 acre park for $84000. I went and looked at it last night and the park and the trailers on the park look pretty rough; It all needs to be mowed and generally looks uncared for. Currently there are 9 trailers on it and the rent is $1626/mo but owner pays water and trash removal. The owners say that there used to be around 30 mobile homes on the land so I am guessing there are or used to be hookups for that many mobile homes there.  I have a small list of questions that I am going to ask the current owners, but I wanted to have others thoughts on this as I head into it. Any questions that I should ask of the current owners or anything that I should look at or be aware of as I look at this mobile home park? 

$1626/mo feels low for 9 trailers but from the looks of the trailers that are on there if I bought it and raised the lot rental then I would probably loose the majority of the current renters. 

This is pretty much all the info I currently have. I just got the lead last night so I am just getting into this thing. :)

Thanks!!!

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