How to purchase a mobile home park

[David J Pring III]

Looking for some advice/ help.

I am about to retire from the military with 20+ years of service and ready to move on to my next adventure. I would like to purchase a mobile home park that I found that I believe has a lot of upside. The rub is while I am still in the military many investors don’t take me seriously because I am not in the area yet and finding funding has been a hurdle. I am looking for advice on how you or someone you know was able to secure financing for a mid-sized park and hopefully I can figure out how to get this done.

The deal:

40 spaces available 25 filled

All double wides

City sewer

Park has multiple wells (water is good)

Recently paved streets

Comes with an additional 3 acre lot with maintenance buildings

Comes with another 25 acre lot that has the infrastructure to develop complete

Owner is asking 800k

Willing to owner finance with 100 down but wants me present to self manage. I would like to purchase and have my father manage it for me until I get home in about 20 months.

I can come up with about 40k cash and I own another rental valued around 165k that I could put a mortgage on to get the rest of the cash.

Anyone out there with mobile home experience that is willing to reach out and share some ideas would be greatly appreciated.

Dave

[Jonathan Adkins]

@David J Pring III

Hi David,

Thank you for your service!

Are you looking for a Partner/ mentor?

As far as the park goes, do you have any information on the home ownership status?

Out of the 25 occupied homes, who owns them? The tenants or the park itself?

Park owned homes are very expensive to maintain as rentals.

Also, you’ll need to know the base lot rent for the park.