A Mobile Home Park (MHP)is commerical real estate, thus it requires more due diligence then your normal residential property. There are evaluative factors involved with these properties even above and beyond your avarage apartment complex.
MHP's have a few elements that need to be investigated. Is the park connected to a septic tank and well? What is the zoning for the property? When was the property first developed and has it been grandfathered? Are their vacant lots in the park? Can they be filled with new trailers without modifying the current park layout or does the lot fall under the gratherfathering still? Is the surrounding area anti-mobile home park or pro? How about the city council? Who lives in the park? How old are the homes in the park? Are they all park owned or privately owned? What's the condition of these homes? Can the tenants qualify to get the utilities in their own name? Are there certain code restrictions for RV's being place on the vacant lots? Do the utility hook ups offer enough amps to hook up a new mobile home? There are many more quesitons to ask, but this is a good start. Also, there are the obvious questions to ask jsut like any other commercial property too, such as the type of tenant, rent amounts, lease term, etc.
These questions will help you determine what is really going on with this mobile home park. It will help you determine if you have a lot of repairs or upgrades to do over the course of ownership or not. It will help you determine if the property will continue to cashflow or not have an ability to cashflow due to the limitations of the property, age, zoning and codes. MHP can be great cash cows, but you have to know whether you have a cow that will produce or not. Happy hunting!!
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