Posted by Ben in Ohio on May 12, 2000 at 06:41:32:
Any suggestions on how to locate potential sellers?
Mobile Home Park/Land - Posted by Wendy (Houston)
Posted by Wendy (Houston) on May 11, 2000 at 16:50:26:
I looking for a mobile home park or land in North Houston (Tomball/Magnolia/1488 towards Conroe). Has anyone taken raw land and turned it into a park? How expensive is that? Would you recommend that route or would you buy an existing park?
Re: Mobile Home Park/Land - Posted by Ernest Tew
Posted by Ernest Tew on May 11, 2000 at 17:24:54:
During my twenty plus years in the mobile home park business,I have developed two parks and owned and managed several others. If you are not an experienced developer, I would not recommend attempting to develop a park. Even with experience, I wouldn’t do it again.
Your time would probably be more productive searching for an existing park that you could buy at a low price and enhance its value by providing good maintenance, better management, and a better marketing program.
We have been able to buy parks at prices far below the cost of replacement because they were poorly managed and half vacant. With a newly developed park, you would start out with 100% vacancy and probably have a higher cost than you would with one half occupied. Depending on the local market and your marketing ability, it could take years to reach the break-even point.