Mobile Home Park – what to look for?

[Scott F.]

Mobile Home Park – what to look for?

I’m interested in acquiring a mobile home park in Michigan. I’ve owned plenty of residential, commercial and industrial properties, but never a Mobile Home Park. So I’m looking for some direction from those that currently or formerly have OWNED one or MANAGED one please.

What am I looking for, how many pads are better (more vs less), what to stay away from, cold climate vs warm climate, rural vs city sites, can it be run without an onsite manager – (probably depending on the number of pads)?

Any good books on parks I should be reading (recommendations)?

My target would be 100 or less pads per site. In the past all I’ve looked at are either really old – built the day after the earth cooled or too new to make sense from a cash flow point of view.

Looking for input from an experienced operator, prefer parks in Michigan.

Thanks!