Owensboro, KY Mobile Home Park

[Jordan Moorhead]

Investment Info:

Mobile home buy & hold investment.

Purchase price: $650,000
Cash invested: $138,000

My business partner and I picked up this 25 lot mobile home park in Owensboro through a wholesaler. It had 22 of the 25 lots occupied but we'll be fixing it up, filling it up, billing back water and raising rent up to market. For the value add we're going to fix up the roads, add a nice sign and fence, replace mailboxes, add lights and fix some plumbing leaks.

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

We love manufactured housing and want to buy more

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

Through a wholesaler and we negotiated after doing thorough due diligence

How did you finance this deal?

A local bank relationship

How did you add value to the deal?

We will infill, fix the roads, add lights, add a nice sign, add a fence to the entry, fix water leaks, bill back water by metering each home and raise the rent to market over time

What was the outcome?

We're closed!