Mobile Home Park Lead + Equity Partner

[Mel Adams]

Hi all - I'm looking for an equity partner to buy my first small/medium mobile home park. I feel fairly comfortable analyzing deals, but this is still a new asset class for me, so I'd strongly prefer someone who's experienced. Maybe a MHP investor who's looking for someone else to do the leg work for them - I'd be happy to do that to gain hands-on experience.

I do have a lead on a park, and I'm constantly looking for more. This lead is riskier because the park is essentially vacant (seller has had no interest in doing infill again or managing it...it used to be full), so maybe it's insane, but I strongly believe there's potential. I've already done leg work of calling local MHPs to get market rents, called local banks for financing (got good traction), and briefly spoken with the city. Below are quick details:

-PP $425k

-30 lots + 1 SFH home + additional, cleared land. Only 3 lots currently occupied with TOH

-City utilities, park grounds are in good condition

-Market lot rent $325

-Growing MSA

I have more info, but if you're interested in this lead, or potentially partnering on another, let's talk!

[Rachel H.]

@Mel Adams I agree with @Jordan Moorhead. Sounds like an opportunity for an experienced investor with enough capital to do the turn around. Projects like these usually take a few years to get back up and running. Best of luck finding a partner!