Mobile home Park opportunity

[Zk Lani]

Hi all, I came across a potentially great opportunity for a mhp owned by an older lady who’s wanting to sell due to health issues. She’s cash flowing really well but I’ve never invested in mhp, only residential investments and was wondering what you guys think are the DOs and DON’Ts when it comes to mhp investing? Any resources do you recommend to read? I was thinking about a conventional loan, for people who went that route, what information to prepare beforehand for the lender to increase my odds of getting a loan? If conventional doesn’t work, I’ll be going with a hard money lender, any advice on that? I apologize for the lengthy post but I’d appreciate any input. Thanks folks.

[Jay Hinrichs]

for my experience and I have owned 4 parks.. 3 were just like this burnt out landlord and turn arounds.

1. I would not buy a park that is not on city water and city sewer no private utls. 

2. NO park owned homes.. having to maintain MH is very tough.. parts are not found at home depot.

so if it has public utls and you can either give the MH away to the tennats or sell them for a small cash price and get yourself into just renting the dirt.. that is optimal.