Mobile Park Investing

[Bruce Valladon]

Hey guys, first time posting here and first time wannabe investor. Had a questions about a small mobile home park that is for sale. It has 12 units on it with laundry facitlity and a small house on the property. Also has an old abandon store on it that they are not charging anything for but probably will cost to demolish. The property is located a little bit out of town in a low rent area (kind of out in the country) and the pics show the mobile homes are pretty run down and out dated. I havent contacted the owners yet cause I don't know how to value the place. They got it listed for $200,000 which seems like a deal if space rent is at least $200 for each unit and also the ability to rent the house. (I have zero info on the house at the moment.) My goal would be to slowly renovate or replace each mobile as tenants move out, to earn cash off the sale of the mobile and then space rent for cash flow. So I guess my questions are:

How do I value the property?

Am I just creating a full time job for myself by buying this place?

What questions should I ask that might not be obvious?

Is a run down old mobile park worth investing in?

Is this too large of a project for a first time investor? Should I find a partner that has more experience?  Or should I just steer clear?

[Thomas Leonard]

Hello.   POH  stand for park owned homes. I advise you to become more educated before investing in a mobile home park. Check out Frank and Dave's podcast  and Mobile Home University.   Also, Kevin Bupp, and Jefferson Lily have very informative podcasts.   I think you're on the right track but move slowly until you're educated on the pitfalls of buying the wrong mobile home park. Good luck