Updated about 7 years ago on . Most recent reply
Mobile home park investment
Hi all I’m brand new to the community but I’ve been reading and educating myself through BiggerPockets ... great material !
I live in nyc but I’m thinking of investing out of state as the NYC market is way too expensive
I've found a mobile home park in the south I'm interested in. 16 acres 8 Park owned homes with a rent roll of 4250 a month. After all expenses including taxes and property management and mortgage NOI is $31,000 a year... is this too good to be true ? The property is listed at $185,000.
Any tips and advice is appreciated thank you all so much !
Konstantinos Porfyris
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#1 Questions About BiggerPockets & Official Site Announcements Contributor
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16 acres, 8 park owned homes. How many homes total are in the MHP?
This could be someone who doesn't know the value of their park, and it could be someone selling a massive headache.
What is the class of the MHP? Like Don said above, what is the age of the homes and what condition are they in? Septic can be a nightmare repair. What is the economic situation of the city and surrounding areas?
