Getting My Feet Wet in the Mobile Home Park Space

[Brenden Mitchum]

Investment Info:

Mobile Home Park Portfolio

Purchase price: $3,705,000
Cash invested: $25,000

Co-GP & LP in a portfolio of 3 Manufactured Home Communities with another 500+ pads currently under contract

What made you interested in investing in this type of deal?

Helping maintain our nation's dwindling supply of non-subsidized affordable housing while also improving my financial outlook is a no-brainer for me

How did you find this deal and how did you negotiate it?

I was not a part of initial acquisition and have my wonderful partners to thank for that.

How did you finance this deal?

Local bank who gave us incredible terms for a portfolio with relatively high vacancy and capex budget.

How did you add value to the deal?

Minimally during due diligence but now that we've begun operation and turnaround, I'm in charge of several projects. As a group we will be adding major value through infill, park improvements, billing back water/sewer & small rent increases.

What was the outcome?

Still yet to be fully determined!

Lessons learned? Challenges?

Operating and turning around a single MHP is a ton of work. Doing this with multiple takes a great team of competent, committed individuals. Every project is a challenge - no matter how small it originally appears.