First mobile home park

[Ryan Clayton]

hello all, I’ve been interested in purchasing a mobile home park for a while but know very little on the subject. I came across a park with an asking price of $120k for 10 units, 0 park owned homes, 100% occupancy rate, city water and sewer, and a cap rate of about 14%. The owner is willing to seller finance for 10% down.

It seems like the deal is almost to good to be legit, and I was curious to hear your guys’ thoughts.

Also the park is not local, so thoughts on doing my first park out of state would also be helpful

Any advice on how to conduct my reasearch and go about the process would also be greatly appreciated.

Thanks, Ryan