All Forum Posts by: Ryan W.

It's city water and sewer.

@Mohit Madaan, I've thought about a partner but I really want to do something by myself. Maybe I should do a partner for my first one but I just don't know of anybody I'd want to partner with.

@Curt Smith, I will definitely look into the mobile home forums. I'm kind of confused why the trailer rent isn't important, though.

Which brings me to @Paul Stout. Land does sound like a better option... Probably requires so much less work than actually owning units. In the sense of what the trailers are worth, I'd guess that they are worth WAY less than $35,000. With your theoretical offer, you'd buy the whole park (property and trailers) for $400,000, then immediately liquidate the park-owned units so that you just own the pads, correct?

Interesting. Thanks for the thorough response.

The current lot rent is $300/lot.

The annual gross income for all units/lots is $98,472. The annual expenses (sewer clean out, garbage, water, repairs and maintenance, landscape/snow removal, property taxes, property insurance, management fee, 5% market vacancy plus $2,000 in reserves) come to $16,020. Each unit is separately metered for gas and electric.

Thus, $82,452 net which gives a 9.7% cap

About one mile away from a Walmart Supercenter

City population is 84,316 (2014)

Median income is $64,301

Age of park-owned trailers are: 1961, 1970, 1972, 1978 (2), 1983, 1985, 1988, 1997, 1998

Current owner is selling because it was her husbands property, and he passed away a few months ago.

To be honest, the 25th month balloon payment did seem a little audacious in my mind, but my thinking is that it's a more attractive offer...

Hi all,

I found a 17 pad mobile home park for sale about 30 miles away from where I live. The park owns 11 of the units and then charges a lot fee for the other six. I'm hoping to make it up there soon to look at in person. Obviously, I won't make any moves until I've looked at it. One of many questions I have is are mobile home parks a good first real estate investment?

The asking price is $850,000. I'd offer $650k but with my offer structured like this:

$200,000 downpayment - $2,000/month for 24 months of seller-financing - Balloon payment on the 25th month of $402,000.

Is this a realistic offer? Pardon my inexperience!

Thanks!

Ryan