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