All Forum Posts by: McKenzie Peterson

@McKenzie Peterson A lot of cities just don't like the way that mobile home parks look and the way that they are kept up a lot of the time. Some of it depends on how far out your property is from city limits. I'm not sure how many homes it takes to qualify as a "park". You might be able to get away with it if it's only a couple.

Also, you have to consider the costs of development. Roughly 20k per pad to get the infrastructure in place. Maybe more if you have to install septic. Then you have to buy homes and move them to your property. Just make sure you consider all the costs.

Yeah they said I can fit 3 on the property without it being a park which I think a great start. I appreciate the breakdown of all the cost as I did not expect it would be that much to actually get everything up and running if you have any other advice I would love to hear it.

Thanks again!

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Originally posted by @Chris Williams:

@McKenzie Peterson I'm curious...how big is this property? Are the mobile homes all occupied? Did you talk with them?

I've never heard of this particular situation. Makes me wonder how it all worked out. If you'd care to share?

Even if establishing a park may not work, the story may lead you to a better solution.

I talked to he city’s and it I can put 3 mobile homes on the property without needing to get mobile home paperwork and documentation started. It is large enough for 4 to 5 homes at .51 acres. I am now looking for partners to help me install these cash flowing monsters.

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Great question are you able to just level land and then rent the space and allow mobile homes to reside on your property ? How would you go about removing them once you have enough to purchase your own ?

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I understand but why only think because you are new you cannot profit from this deal. There is some deal out there that will provide a return that is right for you and your duplex situation. I would keep searching for it only breaking even from this opportunity seems like not a great so return from all the work you would have to put in.

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Originally posted by @Chris Williams:

@McKenzie Peterson I'm curious...how big is this property? Are the mobile homes all occupied? Did you talk with them?

I've never heard of this particular situation. Makes me wonder how it all worked out. If you'd care to share?

Even if establishing a park may not work, the story may lead you to a better solution.

Thanks for the response back ! The property is not massive by any means but it definitely looks like you could fit at least 5-6 trailers there comfortably. There are no trailers on my land I am going to buy some when I close on another deal.

I will definitely let you know I am waiting for a deal to close and I am using the returns to fix and move the trailers it the area.

I agree am headed up to the county to find out if this is possible because if so I am going to stick a few on the property.

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Originally posted by @Will Graham:

@McKenzie Peterson Most cities won’t let you develop a new park. Depends on the area for sure, but in general it’s tough to get approval.

Why do you think this is ? can you put as many mobile homes on your land as you personally like ?

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Originally posted by @David Hildebrandt:

Starting a park from scratch is a tough proposition. Think about it this way. Its going to cost someone 5 to 6k to move their current trailer to your new lot, so even if they are saving 100 in lot rent per month, that's going to be a long break even on their side. Also the cost of a new mobile home is such that having someone make that payment and have it delivered to your lot is also a long shot.

This is why most of the park owners I know are only willing to incur the cost of adding just a few pads each year (like 4 or 5 tops) to their lots. And they mostly find the trailers, bring them there rehab them and rent the whole package. Since the homes act a lot like an automobile, they hold the title with a lien until the loan is satisfied in full and can repo in a much shorter time than it takes to foreclose on someone in a traditional home.

So if you wanted to make your idea work there would be some substantial capital upfront (land, development, trailer acquisition, trailer upfit) before you might have a tenant. To end on a positive though, MHP can be cashflow monsters because you have so many opportunities to generate revenue (lot rent, home rent, master utilities etc.)

@David Hildebrandt

Thank you for the reply. I was not planning on purchasing brand new mobile homes because they would stand out and would be out of place in the area I want them in. I was going to get a couple used ones and I have a plot of land that is right smack in the middle of a trailer area. So I guess my question is more so how many mobile homes can I fit there instead of a park? Would I have to subdivide the land or can I just place them there?

What do you mean by "holding the title with a lien until the loan is satisfied" why would someone do this ? Can you explain some of those strategies to generate revenue from mobile homes.

- How do you calculate lot rent, home rent ?

- And how can you make revenue off utilities ?

- What are some other ways I can generate revenue from them seems like there are more ?

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Logan welcome to the BP community. You are going to really enjoy this resource so many people have great insight and are willing to help you get deals done. Good luck !

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How are you getting this list of divorces ?

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I just purchased some property where there are an abundance of mobile homes. Does anyone have any advice on whether turning the area into a mobile home park or just trying to put a few units on the property would be best. Just looking to hear some wins/losses on this type of investing strategy.

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All Forum Posts by: McKenzie Peterson

McKenzie Peterson has started 9 posts and replied 40 times.

Post: Mobile Home Investing

Post: Mobile Home Investing

Post: Installing mobile homes onto land

Post: First investment possible duplex?

Post: Mobile Home Investing

Post: Mobile Home Investing

Post: Mobile Home Investing

Post: First Deal In Greenville SC!

Post: Marketing to Divorce Lists

Post: Mobile Home Investing