Inherited a MHC/looking for advice

[Taylor Hall]

I recently inherited a MHC from a passing family member. It sits on 60 acres of land with 48 pads approved for the MHC. 17 of the pads have Private water, electric, and septic. The remaining 31 pads just have water and electric but need septic added. 

Currently 6 trailers are owned by the MHC and they rent out for $650 a month for trailer and pad. The 7th trailer tenant owns their trailer so they just pay a pad fee of $350. 

The property has no debt and all the trailers are owned outright and they are all from the 2000's. about four of them were purchased 5 years ago so they are all relatively new. 

My expenses for the property are about $600 a month currently. So I have a positive cash flow of $3,650 a month. I want to figure out a way to build this park up and what's the best way to go about it. It's located in a rural depressed area in upstate NY. Most people don't have ways to afford housing so they look to rent. 

Also If I could get the 48 lots filled I could go into a phase 2 expansion for about another additional 100 lots for a total of 148 lots. 

Cash is tight at the moment and my credit is fair so I am looking for some ideas on how I could potentially build this up. The property is 3.5 hours away from me.

[Curt Smith]

I'm in a partnership that owns a park where lot rent is $400 where we are adding 30 new homes.  New because there are no used homes in this area.

There are wholesalers that know an area and where the used homes are.  Put craigslist ads looking for used homes or folks who want to move their homes.  Few to no takers on moving, but lots will offer their homes forsale.  Offer $2k or so for a recent single wide.  Don't bother with 2/1s, focus on 3/2s at worst 2/2s.

We are buying new legacy nicer 16' wide homes for $26k each where the mfger financed at 8% at 80%.  We had to come up with 20%.  Thats a lot of cash...  We are doing 6 at a time adding infrastructure etc.

You might advertise for a JV partner who lives in that area. Start by googing mobile home park the city this park is near. Contact all the local parks looking for the owners. At worst ask the managers if they'd manage your park too.

Good luck.