All Forum Posts by: Josh Heeb

I can be boots on the ground for that southern Indiana/ southern Ohio market. I have a rental and a Brrr I’m working on right now. I have a better understanding of the southern Indiana market but I can travel to Ohio and take videos or what ever you feel you need.

@William Espich I am from Columbus, IN about an hour south of Indy. I know you’re looking further north but let me know if I could help you in any way.

Jack,

I do know that the park has been losing money and declining for a while now.  The owner is a widow and her husband was the one that really ran the operation before.

Everything else you mentioned makes sense.  These are the suggestions I was looking for.  I am not sure what the demand could be in this area. I know there is another park 20 miles away that is probably 90% occupied.  That one is in another small town.  The realtor that has it listed is telling me rental homes in this community are not lasting very long.  I think with some basic maintenance on the landscaping and cleaning up the vacant/abandoned homes, it would really change the property, but the points you made about market demand is what concerns me.

@Greg Dickerson Ok thank you. I will reach out to some local realtors and contractors to dig up some better info and start there.

@Greg Dickerson I haven’t talked with the owner yet. I’m going to get ahold of the realtor in the next day or two and that is something I will ask. How do you value a park that is almost vacant if you call the trailers $0 value?

Thanks for the responses, this is extremely helpful!

@Greg Dickerson that’s exactly what I was thinking, rehab on the vacant homes and lease option to new tenants. The whole park needs a facelift to have any chance at filling up. I’m trying to figure out how to value the purchase and if it’s worth pursuing I guess. I would essentially be purchasing 17 vacant flips for a really cheap price. I am trying to wrap my head around how I would get new tenants interested so the park would fill up.

Whats up BP! I found a couple mobile home parks close to me that are for sale.  One is 90%+ occupied and nice little community.  The other is particularly interesting to me and I want to hear some opinions about this strategy.  The second one is in a small rural community.  It has 49 pads, but only 5 residents.  4 are renting the lot only and the other house is owned by the park owner and rented out to the tenant.  I know that's less than 10% occupied, but what makes it interesting is that only 7 pads are actually vacant.  10 of the houses have been abandoned and and 7 are owned by the park but unoccupied.  Here is my question.  Is it worth purchasing this property and rehabbing the homes that are unoccupied?  What is the process to get the title for the abandoned homes?  Does it make sense to purchase a distressed mobile home park and try to flip it to increase occupancy?

I live and work in the south central Indiana area and would love to attend some meet ups as well.  New to real estate, but always looking to meet and talk with other investors.

@William Nelson I would love to meet up sometime! I grew up in Columbus as well, so I know the area from a demographic and growth perspective.  I guess I would like to know more about the business side, rental rates, legal perspectives, things that a new investor doesn’t think about or understand on the first few deals.

@Lee Smith I have heard that name before, I see it all the time locally on the MLS portals. I will check the website out. Thanks!