Mobile Home Park Investing

[John S.]

I am interested in the Mobile Home Park Investing arena and would like some input from those with success stories, as well as those with not so successful stories. I've been researching different parks and have seen where some owners are seriously over-valuing their property and cannot seem to understand where they're getting their estimation from. One that I looked at was an RV/Mobile Home park with what would look like a Class C- rating, if they had it rated, and they want $3.5mil for it. There aren't that many lots, let alone the number of slabs available. The one I'm referring to is this one <http://www.loopnet.com/Listing/7475-GA-60-Suches-G...>

Also, does anyone have any advice on financing something like this? I've been following #FrankRolfe and hit Mobile Home Park Mastery podcast for a while now and am looking into Fannie Mae and such, but I'm looking for more alternatives. 

Thanks in advance and best of luck to have great deals!

-Steve

[Chris Ebert]

Perfect scenario aka "parking lot" is a park with all tenant-owned homes with direct billed city sewer/water. This setup minimizes variable costs and capex needs so you can focus on the most important aspect of owning parks - rent collection.

This isn't to say that the other arrangements are bad, I own parks with septic systems, master-metered water, etc. I enjoy minimizing the volatility of my expenses so I can project out my cash flows with confidence. The volatility is the main reason I tested park-owned homes and am now selling them off. I hope this helps.