Posted: 1/10/2008 1:55:34 PM EDT
| I recently purchased a 83 unit mobile home park in Nebraska. I know pretty much nothing about them. I was wondering if anyone had one or knew anything about them. It looks pretty good on paper....I guess I will see in the months to come. |
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I have been in the business for a few years, and my wife has managed/bought/sold many during her 15-year career in that business. Email me at [email protected] if you have specific questions you want my wife or me to answer. Why did you decide to buy it? Cash flow on paper? ROI on paper? |
Thanks I will give you all a shout if I have any questions that come up. I don't really know why I got it, seemed like a good deal at the time. I bought it for about $5K/lot, which seems like a steal, maybe not....potential cash flow on paper seems pretty good especially if you can move your own trailers in there (sell them on contract) and get the lot rent and trailer rent. Of course I could be overlooking things. |
Hmm things you over looked. Methlab clean up. Murder scene clean up. J/K. Good luck |
I actually have pretty close to that, 5 or 6 druggies that are on their way out and 11 trailers that have been abandoned that need scrapped out, one of which a kid shot himself in. |
Check this book out: Deals on Wheels by Lonnie Scruggs |
Just tow them away!  Be aware that old trailers might not be towable... they'll fall apart. I don't know if someone can haul them away on a big flatbed, or if you could get a big rollaway and a half-dozen day laborers to tear them apart. Asbestos/lead/??? |
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I hope vets make more money than I think they make!! Unless you have the time and desire to spend a LOT of time and effort managing your new purchase, which to call a spade a spade your research doesn't indicate, then you just bought into a real pain in the ***! Now, that being said. If you manage them well you can make a fair RIO and a good cash flow. Ed |
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Well it seemed like a good idea at the time...damn impulse buys. No, got it cleaned up a bit and rent is coming in nicely. A few items here and there that need maintenance. A guy that owns another trailer park in town makes sure the rent is collected ($5/lot) and maintenance that is needed is done for pretty damn cheap. Upped the lot rent by $10/month and added on a maintenance surcharge ($35/lot)...didn't seem to piss too many people off. It seems that it is pretty user friendly, they take care of the trailers and keep the lot up, I am responsible for the remainder of the park. We will have to see, but so far it has been very few headaches. Sounds like some of you aren't too adventurous!  When did it become wrong to just jump in over your head and figure it out as you went along?? Jeez.
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I just imagine a new post about 8 months from now...."my park is destroyed" |
Ha ha, could be....I'd just need to find a sucker with some money then and unload it. I don't know what they could really destroy that wasn't their own, everything else is grass, trees, and pavement. |