Mobile Home Park Dilemma

[Shawn Ziegaus]

So a weird situation but kind of lost on what direction to take.

I recently became a partial owner of a trailer park. I got into it for close to nothing and I would like to try the brrrr strategy to try to obtain another park in a year or less. The problem lies in the other owner. He has a different mindset and ideas on the direction of the park. Much more of the build up slowly over 5 years and avoid debt. I on the opposite end of the spectrum, want to bring in investors or cash and bring up the properties value.

How should I proceed from here? We both own 50% so nothing can be done without the others agreement.

For some specifics on the park to give idea of what’s on the table. The park is 66 lots with 19 lots currently having trailers on it. We have 24 units each renting for an average of $500 a month. 2 of the units don’t collect rent due to the property manager and maintenance guy occupying those units in exchange for partial-payment. Our expenses are less than $2000 a month with the net income per month being closer to $5500.

Hope this wasn’t to hard to follow. That being said..Any input, recommendations, or ideas would be appreciated. Thank you.