Mississippi Mobile Home Park

[Jason Ray Richardson]

Investment Info:

Mobile home buy & hold investment.

Purchase price: $36,000

Cash invested: $40,000 (Counting repairs and the purchase price)

Mobile Home Park in disrepair. Now cash flowing 2,000 a month not counting the note on one of the homes a tenant is buying.

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

Entry Price. It was my first park and since it was so cheap a lot could go wrong and I still be ok. In other words, low risk.

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

A wholesaler had sent it to me. Due to circumstances around the park it had to be a quick close. I had just BRRR a property that I had purchased the year before so I had the cash.

How did you finance this deal?

I paid cash.

How did you add value to the deal?

Basically cleaned it up so that the tenants couldn't argue with the rent increase.

What was the outcome?

A cash flowing property with very little oversight now. Low maintenance.

Lessons learned? Challenges?

Do more due diligence by asking more questions. Dealing with the city is probably the biggest challenge.