MH Park Purchase - Posted by Tony - VA

Posted by Tony-NC on December 17, 2005 at 07:00:34:

Sorry I used Tony-VA as my name I missed that. If its ok I go with Tony-NC.

Regarding the MH park I may buy, this is very early in the process. I have not seen it but I have some basic info.

Expenses - I don’t know yet, (The renters pay there own power and water)

There are 8 empty lots because the owner does not live local and he is not advertising. Also, as I stated he has 1 very bad renter that uses his yard for a trash dump. So if someone came by they would not be interested in parking their home there.

I will have to put money into the park on the beginning to get the 1 trailer cleaned up and I assume minor repairs are needed. I est as much as 2K will be needed.

MH Park Purchase - Posted by Tony - VA

Posted by Tony - VA on December 16, 2005 at 16:50:55:

Looking at a MH Park for purchase.
Small park with 12 lots. The park is not being run very effectively. There are 4 MH’s in the park. Three of the MH’s come with the purchase price. The 4th MH is privately owned and is leasing a lot. It appears that 1 of the 3 MH renters is a slob both inside and out and that is effecting the park. The owner is not local and wants to sell. The park is setting on 7 acres. There are 4 wells and 12 septic tanks.

I’m looking for advice/warnings regarding owning a MH Park. I own my home and have a condo as a rental property but this is a big step in a different direction for me.

Investment wise, I think this park has a ton of potential with passive income around $3000 a month. The current owner is getting $300 for the MH rentals and $125 for lot rentals. I think I can increase this once I clean the park up and move out the bad renter.

A friend has recommended I get rid of the 3 MH’s that come with the deal and strictly lease the lots. I tend to think this is the easy approach but based on what I’ve read here not the most profitable?

Thanks for your advice… my investment might be $100K

Please… - Posted by Lin (NC)

Posted by Lin (NC) on December 16, 2005 at 21:07:34:

To avoid confusion, please choose another name besides Tony- VA, since those of us who have been here awhile know Tony the co-host by that name.


Need more info. - Posted by Chris Reuman (Maine)

Posted by Chris Reuman (Maine) on December 16, 2005 at 20:58:13:

What are all the expenses? Are saying that this park has 8 empty lots? If so,why?

How much maintentance do you want to handle? I personally like rentals, but not when you are only making $300 a month. Not enough left over for repairs and property management. Run the income numbers, minus all the expenses, and mortgage expense and what is left over.

Give us more numbers. If you don’t know what numbers, do an archive check on my name and you will get the list.

Thanks, Chris