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Updated almost 6 years ago,
Mobile Home Park Opportunity for me. Please advise.
I just saw a mobile home park come available in my city of Louisville, Ky by owner. I’ve never invested in a mobile home park but I’m intrigued. The owners are selling for health reasons. They have owned it for twenty or thirty years. I would put the park in the C to C- area of town. They own the trailers (18 of them that are at least 20 years old) and tell me that 4 really need to be replaced. They additionally have a garage with a loft above it. They sign a six month lease with the tenants and they charge $150 to $170 a week. I think they pay for the utilities but I don’t have the numbers yet. They are asking $250k. I am a real estate broker and a property manager of 20+ years. Should I pursue this or run. Thanks for the help.