"Park" Advice or Comments Wanted - Posted by Tim

Posted by Tim on July 07, 2003 at 06:32:03:

There is no zoning, other than the requirement by the state about minimum lot size for a septic tank. I can easily put another 10 lots without any problems. County water is on the property, & there is a county maintained road that runs roughly through the middle of the property. I’ll have to talk to the power co., I hadn’t thought of them, thanks.

“Park” Advice or Comments Wanted - Posted by Tim

Posted by Tim on June 29, 2003 at 11:09:19:

I have been reading this board about 4 months, have both of Lonnie’s books, & feel like I have a good grasp of the basic concept. I have been investing in single family homes for about 10 years, but this will be my first mobile home investment.

I am looking at 7 acres, there are currently 6 mobile home pads on it, rent is $120/month(standard for this area). The pads are located on about 2 acres, the other 5 acres are mostly a grassy field. Lots have individual water meters, & are on septic tanks. The only applicable codes are the state codes, but at a minimum 10 lots could be added. Four of the homes are mid 90’s models, the other 2 are early 80’s, none are park owned & all but one look good on the outside.

This park could be bought for very close to what the land alone is worth. I don’t believe the owner has been keeping any sort of records, & has probably been renting for cash. I intend to make 2 offers, one below the land value(30-35,000) as-is where-is, the other offer would be higher, but contingent on various financial records being provided by the seller. I think that a detailed request of records will motivate the seller to take the lower offer.

I have a good real estate Attorney, so I am not concerned with title issues, or property taxes. At a minimum I am going to require copies of all leases, & will get in writing from the tenants confirmation of rents owed & deposits held. This is part of a 10 acre parcel, so a survey will be required, & I’ll check with the health department about the septic permits & installation records. I am looking for any and all comments or suggestions, and would like to thank all contributors in advance.

Re: “Park” Advice or Comments Wanted - Posted by Greg Meade

Posted by Greg Meade on July 06, 2003 at 20:00:15:

Health dept. sounds like a good place to start. zoning is probably next. What density is allowed? how many homes per well? Water testing? Min. lot size? Roads , culverts required? will utility co. bring in power poles to pad pole and meter can? I,ve added pads in FL and TX and it can be a challenge. Best of luck and consider a lawyer that specs in real estate law… usually free first consult.