My first mobile home park investment

[Tim Cornwell]

Investment Info:

Other fix & flip investment in Etna Green.

Purchase price: $700,000
Sale price: $1,340,000

Bought a 52 pad park with private money 100% financing at 12% interest only payments. There were several park owned homes in the park that we quickly sold to tenants for $1. There were about 10 - 12 vacant pads. We put new park rules in place, raised rents 3 times, started bringing in used trailers to the park in an effort to fill it up.

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

Curious about the MHP model and wanted to try it

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

Online, internet search and writing letters

How did you finance this deal?

Private money

How did you add value to the deal?

Raised rents, implemented park rules, hired a new manager, brought in more trailers

What was the outcome?

$600k profit in 3 years

Lessons learned? Challenges?

Definitely benefitted from the MHP University from Frank Rolfe and Dave

[Curt Smith]

@Tim Cornwell Hi Tim I was a member in a group that recently sold a 70 pad park in Southern Alabama for 2 million. Which puts your 50 pad park for 700 as a fantastic deal.

To everyone looking to get into mobile home parks like Tim I wholeheartedly agree that taking Frank and Dave's mobile home park University course in person is a is a must do. Frank is a fantastic storyteller where where the story is stranger than fiction and you learn so much.