First Mobile Home Park

[Matthew Wright]

Is there a minimum lot count you should start with on your first deal? I've got a lot of mom and pop parks in the 20s in my area. Also is there a simple analysis/formula to use when analyzing a smaller park, is 1% rule applicable? 

Best books or resources for MHP education?

[Frank Rolfe]

The best first park would be one that is "stabilized with upside" which means 80% occupancy with solid infrastructure and density and in which your plan is to raise rents, fill some lots, and cut costs (typically the manager). In this manner the park can be financed, is always liquid if you want to sell it, and yet has a ton of upside.

As far as size, parks in the 20+ lot category are fine. The goal is for the park to be worth $1 million when you get DONE with it (not when you buy it) because at $1 million in price all the attractive financing options kick into gear and there are a ton more buyers.