Ok, so there is a 17 pad park for sale. Been for sale for 400+ days. Currently 14 pads owner occupied and an additional going thru courts to be obtained by owner for abandonment. This has been owned by the same people forever, and the same people have lived there forever. Their rents are just $165 per month. In this area it should be more like $250 at least. Everyone is on a month to month lease. That being said, the reason it has not sold is it's a dump. Not the land, but everything on the land. Each trailer is circa 1873 and there is so much trash, old cars, debris etc scattered everywhere its crazy.
At current asking it is a slightly positive cash flow situation....
I would have to go in, immediately be the bad guy and say look, clean all this up, here are the new rules, and your rent is going up too.
I would assume many would leave, then I have these trailers. Not sure if they can be rehabbed, although my father in law manages two huge properties and says I would be surprised what they can do with these things.... but if not, I have to dispose of them.
If it were run like a real park, a real business, this thing would make alot of money. Getting from dump to over the hump is the real challenge.
I just may make them a crazy offer. Talk me out of it.
