Posted by lyal on February 21, 2002 at 16:38:32:
Check the archives for mobile home park purchase or similar. This has been discussed at length here previously. Also check the Commercial board articles for one by Ray Alcorn about due diligence on Commercial properties. Check the Money Making Ideas for a 4 part series by Doug O. on “Turning Mobile Home Parks into Communities”.
All the best, Lyal
Can I run this by you? - Posted by JML
Posted by JML on February 21, 2002 at 15:19:07:
Hello…
MHP’s are BRAND NEW to me - we used to do flippers and now have a large cash-out from selling our home. I’m trying to think big and found this offer in the paper. These are the bare details - please comment and suggest if you would be so kind…
209 self storage units and 23 fully rented MH sites on a gated in-town lot for sale for $1,360,000. Some owner fin., possible equity trades. Improvable rents and expansion possible. 2nd comes due this year. 6-10 vac. in storage, about 5% vac. rate. MH rentals are $260 - $290. $215,000 gross after vacancies. About $100,000 to $145,000 net. Is this too good to be true or am I just ignorant? Also the manager lives on site and takes care of everything.
I am awaiting further details but could REALLY use a reading on this. I have so much to learn - esp. about evaluation of a business like this. Is there anything I can read on the net to help me - for the moment? Can’t find anything locally.
Many thanks for your help! -JML