Luck of the draw, found something for sale - Now what?

[Dovid Staples]

I'm a new start-up investor and I've always heard of how lucrative mobile home parks are, but never have been interested because I've never come across any for sale nor have cash nor know much about them.

Except now an opportunity has jumped in front of me and I've learned to seize things when they come.

But I don't know where to start. Luckily, I've found the greatest source of knowledge ever - BP. Here are the details;

It's part of an inheritance in divided by six cousins. Dividing the income by six isn't all that great so they want to sell it.

Rent is collected a couple times a month. Each unit averages to $310/mo. average expenses are:
water;300/mo,
electric; 356/mo,
trash; 185.74/mo
Insurance; 106.16/mo
Cit sales; varies
There are 14 spaces in all, plus a 15th which is larger than the rest. the 15th was bequeathed to them by the previous owner who had built it out and occupies two lot spaces. 11 spaces are occupied and tenants own their own mobiles. 4 for over 15 years, 2 for over 10, 3 for over five, and 2 for over one. The non-occupied spaces have 1/bed mobile homes which would be included in the sale. There is one woman who has lived there for 15 years and manages the place and collects rent in exchange for free space rent.

My questions are; what are the best sources of information about owning mobile home parks? How does one go about determining the value of the park? Does the size of the whole park matter? What questions do I need to ask?

Most importantly; How would you, if you had no cash or income, go about acquiring and KEEPING this place? I figured some things like asking them to carry half on a second lean, then getting the vacant units signed on a rent-to-own or purchased w/ owner finance to increase the value of the whole property and raise a bit for a down payment, but at the end of the day, it's all I got.

Thank you veterans of BP!

Also, perhaps this is the wrong forum to post this, I'm not sure, but it would be nice to know of possible end buyers to assign the contract to if need be.