Looking for advice - Mobile Home Parks

[Jamin Olds]

Hey BP!

I am looking for some advice in regards to purchasing mobile home parks.  For a few years I have wanted to purchase a mobile home park (I have a friend that owns one and he makes  $$$$$) but have felt I did not know enough.  After many hours of research and listening to the latest BP podcast I fell that I am ready for the challenge.

I have found the following parks for sale in my area............

$750,000

59 Lots, 44 Occupied @ $265-315, 15 vacant lots

Monthly income approximately $12,550

Annual income approximately $150,600

$900,00

30 Lot @ $225, 8 Vacant Lots

5 rental homes @ an average of $500

Monthly income approximately $9,250

Annual Water/Sewer Income approximately $30,000

Annual income approximately $141,000

Any advice on these properties? How do the numbers look? What should be a concern?  etc.

Thanks in advance!