Posted by Steve Case on March 28, 2001 at 07:13:08:
It has been my experience that buying an existing MH park which is already producing revenue is much better than trying to develop a new one. Especially if you can get the park at a discount due to minor problems the owner sees as major problems.
In this area (central GA), it will run about 12K per lot to develop a new park. Once it is developed, it will take several years, depending on the size to fill it with revenue producing MH’s.
On the other hand, you can find existing parks that already have MH’s renting lots for 6-8K per lot.
With the new MH industry lagging right now, it would be quite the challenge to develop a new park and fill it with new homes, unless you plan on financing the homes.
If you have any questions, please drop me an email.