I bought a ZOO today.. well not quite but a MHP

[Jay Hinrichs]

Bought a park today here in Oregon... I have owned a few before but never one like this.

all 15 MH's are owned by the park plus a sfr and a studio apartment.

Rents are 475 average on the HM's house is 650 studio 350 ...

Gross rents are 6225 a month.. because 3 of the lovely trailers are condemned and have to be dismantled in place.. ( hoping to trade a metal recycling type person for free dismantle and haul off.

Its on City water and sewer I would not have bough it if it had not been.

Purchase price 80k cash close in 3 days ( they are 3 days away from the water being shut off) So cash talks and you know what walks.. 30k in back water bills and a few other code violations and such...

Not sure if I will keep it   its not exactly a trophy property.. but its on the west coast and you cannot live anywhere else for any less money Period monthly rental crap hotels here are 700 to 800 a month... apartments pretty much start at 600..

I think about 8 of the 11 tenants were pretty nice really been there long time had little gardens in front of their units.. but you had some tweaker trash as well. and of course the MH are well just suffice it to say not the best..

Any advice on how to run one of these never really had this kind of asset I was going to pass but I thought what the heck its only 100k I can't go wrong  ( I hope) I would not have bought it if it was not on sewer and water though..

And I do believe I could flip it pretty easy and quickly for a close to double my money type of deal.. which are the kinds I like to do.

[Joel Owens]

For investors that have been in this business awhile most of us learn IT'S NOT about the total return but how hard do you have to work for that yield and how long will it take to get there?? 

If it was me I would just resale it and move on. If you already have a lot of money no sense having a headache type asset to drag you down.

For someone that asset may look great to start them off but if you already have millions then you do not want intensive type assets with tons of problems for just a little extra yield.

My mom's friend has been in the trailer business over 40 years. At one point I think she had about 100 but has scaled down over the years to 30 something. She is in her late 70's now. I keep telling her to sell out and just do something triple net and forget about it to relax in her golden years.

She gets mad in court because the judge always gives the deadbeat tenants another 3 to 4 weeks to get out. The trailers are paid by the week as the tenants will blow the money if you do not collect each week.