Posted by Keith on May 06, 2004 at 11:21:15:
I have started to evaluating two MHP’s in my area, one has 38 pads, 2 apartments and 10 sites of future expansion. An old park with a lot of rentals and would really need a lot of hands on work to turn this park around. After reading several of Ray’s articles on mobile home rental tenants being “the bottom of the barrell” tenants I decided to put that deal on the back burner as I am not in a position right now to support the maintenace and turnover.
It was then brought to my attention about another park on 34 acres of wooded land with a pond, etc… Very nice park with 13 pads occupied and 23 RV sites. Asking price, same as first deal $475,000. How do you evaluate the RV site income ? Is it possible to convert these to Mobile home lots ? I don’t have many details yet but I’d like to go in asking all the right questions.
Thanks for all the help
Keith