All Forum Posts by: Will Stewart

We’ve had luck with organic infill in precisely one park, where local home prices were $500k+ and median income is $94k. We have another park where the numbers are about 15% lower than that and we would have trouble with organic infill. Just two random data points to support what @Mario Dattilo said. Most parks you need to buy, set up, and sell. 

Look up PA eviction laws for mobile home parks, several websites lay the process out for you. 

I would get hard costs for digging to run water and sewer lines from the pads to the well/new septic. If you haven’t done it before it’s very easy to underestimate. 
Have you flow tested the well/pump to ensure it can meet capacity? What modifications to operating permits on the well would be needed (if any)?

Kevin Bupp’s MHP Investor podcast is usually where I point people first. Any number of mobile home park investment podcasts out there

Had a tenant die and took possession of the home… dead cats, animal feces, bags of trash…. Nastiest place I’ve ever seen. 
Recent park we bought at a discount because of a “failed septic”. A little camera work and it turns out the system installer decided to just run a pipe from a home straight out to daylight…. Nasty, but saved us a lot of dough. 
Owning parks definitely opens your eyes to a lot of things. 

@Wesley Thompson what’s the resale on the park owned homes? Don’t write them off just because they’re old — I had a 1973 sell for $100k in my park last year (high cost of living area, much like MD). 
what’s market lot rent?

Best way is to get a Realtor to set up alerts and start going on showings! I’m sure Mainers on here will have some recommendations for the Augusta area. Direct mail is also a great way to do it but I would not expect results for 6 months and it can be a fair amount of effort. 

 This is what I was getting at with my response, just make sure with someone who knows the area, very easy to get blinded by the numbers. 

@Andrew Michaud is it in Lewiston? I don’t know the market super well but I’d get it under contract and then talk around to property managers in the area… if it’s 38 one bedroom or studio units with no parking, you might have trouble getting a PM, for example. 

@David Marasow I’ll send you a message, we invest in the area and can try and help out