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Updated over 4 years ago on . Most recent reply
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First Foray Into Mobile Home Park Investing
Hey Everyone,
My family owns a multi-unit in Port au Prince, Haiti and a triplex in NYC, but my brother and I started a company together where we will be making investments ourselves. I researched a ton about MHP investing and came across a bunch of deals. When looking at deals, I found a couple that I liked, that had really high cap rates.
When we're thinking about multi families, a really high cap rate can be an indicator that the property is in a really bad neighborhood. A warzone almost. Is that necessarily true about MHPs as well? I spoke to a few potential sellers over the phone and they strike me as just folks who may want to retire and they're totally ok with offering a good deal.
Should a high cap rate be presumed to have the same indicators when we are dealing with MHPs? Any insight would be appreciated. Cheers
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@Jimmy Toussaint Not necessarily. Regarding the neighborhood, you'll have to visit the park and the surrounding area to see what shape it's in and also the type of clientele it attracts in order to have a better idea of the area. Also, you may want to talk to other mobile home park managers and/or owners in the area as wells local mobile home dealerships. They're a good source of information for market research and may be able to help with referrals down the road. Hope that helps. Good luck!