1st Mobile Home Park Purchase

[Samantha Baker]

So recently I had the opportunity to purchase a 26 pad mobile home park about 10 minutes from my house.  I have included a business partner in the deal for the down payment.  I have been reading on here how good of an investment a mobile home park is so here's what I did:

Contract Price: $825K

Annual Gross Income: $121K

Annual Net Income: $100K

26 Pad MHP (all trailers owned by the park) with 2 pads open, rent way below market value (can easily take the $121K up to $140K)

3 additional storage buildings, 1 building consists of 12 mini-storage units.

Any advice on this going forward?  I don't know what to ask or even what to expect, but I'm hoping someone that owns MHP's can chime in.