Abandoned Mobile Home Park

[Nkuti Ndely]

Hello, I am new to REI and have spent a lot of time learning, mostly about buy and hold for traditional real estate, and I'm getting a real itch to actually get out and start investing. I happened to come across a abandoned mobile home park that is for sale for $30k. I've spent a good amount of time researching the concept of selling mobile homes but not a lot of time buying mobile home parks. On its face, the deal seems intriguing, the park is on 2.9 acres and has 20 lots. It's plausible that lot rents could be in the $250-350 range (I still have to do some research on that). The previous owner said he junked the beyond use homes and has 13 homes currently on the lot. We're still in discussion about detail of the park but this is what I know currently. At a price of $30k, this seems like it should be a good deal, a full park with lot rents set at $250 would bring $5k/month in lot fees plus the opportunity to sell the 13 homes that are already there. What am I missing though? I know there are other expenses I need to add in but I'm green. Any help in analyzing this deal would be greatly appreciated!

[Michael Colebank]

Put it under contract with contingencies on the water and I'm assuming it's on septic. As well as getting it's license reinstated. You'll need inspections on both. But talk to the health dept first. They may tell you there's no way they're reinstating the license.