Looking or ideas to redevelop mobile home park

[Bill Woessner]

I'm about to inherit a mobile home park in rural North Carolina.  It's about 35 miles from Asheville.  The park is extremely underdeveloped.  It's 9 acres and there are maybe 20 pads on the site.  I have really mixed feelings about mobile home parks.  I know they provide low income housing, but they're also kind of a trap.  Yes, the residents own their home, but it's a depreciating asset.

Anyway, I'm starting to think about what to do with the park.  It's been in my family since at least 1974.  Multiple generations of families have lived in that park.  I'd like to redevelop it and turn a decent profit on it, but I also want to make sure that the residents are taken care of.  It's quite a balancing act.  I was just wondering if anyone else has faced a similar situation before.

Obviously, I can just continue to operate the park as is for now.  I operate 2 rental units in northern Virginia already, so I'm no stranger to this world.  And there's no rush on any of this.  But I feel like there's an opportunity for me to do some good here and maybe make some money in the process.  It would be really awesome to be able to have my cake and eat it too.

Thanks,

Bill Woessner

[Nick Hinton]

Hello, 

I am going to be the 2024 President of the Land of Sky association of Realtors, and the other agent in my firm, is the chair of the affordable housing committee. There are a lot of local incentives to provide affordable housing, Tommy, whom I work with works for Thrive Asheville, which is a great rental program, that allows for affordable housing while subsidizing the landlords... Anyway, there may be a couple options, and I applaud you for thinking about your community and the needs. I would be happy to chat, if you would like.