Diary of Mobile Home Park - Part II

[Debbie]

Couple of days ago, a friend of ours who is an independent RE/MAX agent gave us the only available mobile home park for sale. The location is approximately 30 minutes drive from here. There's nothing in the MLS that sounded promising. My gut feeling told me to check it out in spite of the MLS showing vagued yet poor description.

Picked Brianna up from her mini summer camp (BTW, she likes it now), and took both of my girls for a trip to the MH park. Both girls fell asleep.

It's a quaint little town. Very closed knit community. Economy's pretty good. Lots of "Mansions" there that are in the process of either completing or just completed heavy duty renovations.

Found the park. My jaws dropped. My eyes almost popped out.

Granted it's not a fabulous looking park but obviously well taken care of. Nice landscaping. It's like entering into a cul-de-sac.

My understanding is this park is just under 3 acres. Only 11 mobile homes on the park. All have separate meters. Plus, big storages or warehouses type with a loft. The park is surrounded by busy businesses.

Met with the owner. A very nice widow who's ready to move on. Gave me details on the park.

Jeff has not seen it yet. We are going to meet with her on Saturday. We'll see what happens then and I'll report back to the MB Fambly.

That's all the information I'll give for now.

Stay tuned to the "As the Return of Mobile Home Park" saga. :icon_aets

Debbie

[Debbie]

I don't know.....it's a little overwhelming....

Last weekend, we met with the owner again at this park that is located 1/2 hour drive from our city. My 2nd meeting with the owner while it was Jeff's 1st meeting.

Jeff was impressed with the park. We learned that there's a few possibilities such as developing more lots, adding more mobile homes with extra land that can be used for commercial businesses. We could sell part of the land for commercial purposes or build to suit type and lease the commercial building(s).

Lease Option makes the most sense for this park. Jeff is all for the lease option. Unfortunately, the owner wants to get what she can get so that she can buy a house without a mortgage.

So, Jeff and I are weighing the pros and cons of the park. Problem is, there's hardly any time for us to talk due to renovations between our house and the recent vacancies of our duplex.

Due to too much kaos (chaos) in this constant renovations in our house, I just want my family to blow up this house and walk away....

[Jim Johnson]

I don't know.....it's a little overwhelming....

Last weekend, we met with the owner again at this park that is located 1/2 hour drive from our city. My 2nd meeting with the owner while it was Jeff's 1st meeting.

Jeff was impressed with the park. We learned that there's a few possibilities such as developing more lots, adding more mobile homes with extra land that can be used for commercial businesses. We could sell part of the land for commercial purposes or build to suit type and lease the commercial building(s).

Lease Option makes the most sense for this park. Jeff is all for the lease option. Unfortunately, the owner wants to get what she can get so that she can buy a house without a mortgage.

So, Jeff and I are weighing the pros and cons of the park. Problem is, there's hardly any time for us to talk due to renovations between our house and the recent vacancies of our duplex.

Due to too much kaos (chaos) in this constant renovations in our house, I just want my family to blow up this house and walk away....

To the life of the Real Estate Investor... just when things look good for a quiet week of golf... the top blows off the pressure cooker and stuff is flying all over the kitchen...

Two weeks back I told my wife we were not going to buy any more homes for a bit to catch our breath from our last run... then a park gives me 5... so strap back in the saddle and make hay while the sun shines...

Really... I would be worried of you had all sorts of time on your hands and were running the kids lemonade stand for 5 hours a day...

[Debbie]

Update:

We have been doing our research on this park. We already knew that although this town has good economy but there is no near future plan of any new big business coming into this town. Plus, the population has been steadily decreasing in the last several years, including few residents of this park (vacant, for sale signs).

After weighing pros and cons, we decided not to pursue this park. Being parents, we feel it is our responsibility to our children to pursue better potentials that has less cons than pros.

Our plan for this summer/fall: forget the park and go straight to buying mobile homes and be the bank!

Debbie