Mobile Home / RV Park

[Benjamin Dodd]

Investment Info:

Mobile home buy & hold investment in Gilmer.

Purchase price: $135,000
Cash invested: $14,000

This is a 12 lot Mobile Home/RV Park.

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

Found the deal on the MLS.

How did you finance this deal?

Local bank.

How did you add value to the deal?

Fixed the roads, rented more spots, And raised lot rent to the market rate.

What was the outcome?

When we bought it there were only 5 spots rented. The deal came with 3 mobile homes and 2 RVs. Only 1 of the 3 homes were being rented. We sold two homes right off the bat. The other we owner financed (they just payed it of) we trashed one RV and sold the other. There are now 8 spots rented and we don’t own any of the homes.

Lessons learned? Challenges?

It’s hard to get people to move
Their own mobile home. But if you can buy a home and move it to your park it’s pretty easy to sell it.