Mobile home park investing.

[Dylan McClung]

Hey guys, 

I was curious about investing in a mobile home park in NC/SC area. I am new to real-estate investing and I'm looking at MHP's to start investing in. I work full time so I'm looking for something that I can jump into with lower maintenance issues and not having to worry too much about toilet calls in the middle of the night, or leaking roofs. If I understand correctly, any park owned homes will by my responsibility to manage and maintenance. It seems that MHP are a good fit for my job and my personally available hours. I am also interested in where to find financing for mobile home parks. If you all have any suggestions or advice, I would be very grateful to hear them. Thank you for your time. 

[Matt P.]

@ Jason Pavloff

9 pads at $150 mo is $16,200 in annual revenue. 

The NOI the seller is stating is likely including the rent from the park owned homes.

As an owner of multiple parks and having been in the industry for years I can tell you park owned homes are a NEGATIVE. Investors such as myself and lenders heavily discount if not wholly IGNORE the revenue from the park owned homes. 

The "reason" for investing in a park is to rent out the dirt. Owners that rent out homes to tenants are turning the park into an unattractive apartment complex that carries all the expenses of the same. The anthesis of what owning a park is about. 

I would heavily discount the value of the home and the revenue they generate as not being legally attached to the spaces they are rapidly depreciating assets.