On today’s episode, we are talking about investing in mobile home parks with Kate Stephens. Kate and I have partnered together and are hoping to find a great park to buy in the near future
Investing in Mobile Home Parks
- Check out the full blog post I did last year on our mobile home park purchasing dreams here.
- And here is a more detailed follow-up of the three promising parks we visited last summer.
How to Find a Mobile Home Park
- Determine areas of the country where we wanted to focus (and where we for sure wanted to avoid – we basically wanted to stay in the midwest to avoid expensive parks on the coasts and parks in hurricane zones)
- Focus on smaller parks – less than 100 lots
- Analyze the metro area to assure it met our criteria – 100K+ population, $40K+ average income, $100K+ average home value
- Create mailers to connect with park owners
This was very successful and we had about 12-15 calls. We could then gather more information to further evaluate if the park was a good fit for us. We wanted public water and sewer, so that was the first piece of info we confirmed. From there is was confirming the rest of the information and learning how many homes were filled within the park. Check out this blog post to learn about the three deals that fell through.
Links Discussed In Today’s Episode
- Mobile Home Park Store: This is where you can find mobile home parks for sale
- Loopnet: Another great resource when buying commercial spaces
- Park Street Partners Podcast: If mobile home park investing is really interesting to you, check out this podcast.
- Mobile Home Park University: The 3 day course we took that was extremely valuable
- bestplaces.net: Great resource to find info on metro areas where parks are located – population, average household income, average home price, etc.
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