What to look for with MH park

[David Weis]

My business partner and I are rehabbers. Been doing it 4 years. We want to move to buy and hold of multi-units. We both have backgrounds in condo and HOA management.

We have an opportunity for a 55 unit MH park (including the land) with on site laundry mat. The purchase price is $1.4M. I'm intrigued mainly because I am following development in the area and believe the land will be worth around $2M+ in about 3-4 years.

The current owner nets around $6K per month. But I believe his rents are low. I think we could increase by $50 per month. Each unit is sub-metered for water. The unit pays their water plus $10. So that's an exte a $550 per month.

We will certainly do our due diligence inspecting everything and our controller will go over the books. Anything in particular we should look for/at?