I'm new! Found 2 abandoned MHs in MH Park...

General Real Estate Investing
1

Hello everyone! I’m new to MH investing and would appreciate any help you have.

I found 2 MHs, side-by-side in a MH park. Both appear to be abandoned with tall grass and no power, but they also seem to be in decent shape. The other MHs in the park are fairly well-maintained.

I’m a good handyman and have no problem fixing a few problems if they need it.

Here’s what I want to do…

I want to basically go to the MH manager or owner and tell them that I will sign a 1yr agreement for each lot if they agree to sign both MH titles over to me. Afterall, they’re not currently making any money from the MH or the lot.

Then, I’ll sell each MH for a profit + interest over a 24 month period. I figured $500 down and owner-finance $5400 at $225/month for 24 months. I would also transfer the 1yr lot agreement over to the new buyer.

My only initial costs would be minor repairs (which I would do myself), cleaning/pressure washing, electric/water deposits (which I would get back), probably a FSBO newspaper ad, and the 1st month lot rent (unless I can get the first month deferred).

Do you think the MH owners will go for this kind of deal? If not, what can I offer if they don’t go for it? Is this doable or am I nuts?

This would be my first MH investment and it seems like it would be a good chance to get my feet wet. :smiley:

Thanks,
Gaston

2

If it is abandon, what is your cash flow? How long has it been abandon? Most lenders will want to see 2 or 3 years rent rolls and operating cost. Why is it abandon? Check with the city to see if there is any environmental issue. Due your due dilence first.My advice , pass and take baby step before you can fly. For the right cash buyer that can, bring the Mh park and fill it will good tenants have a good investments on their hands in the near future when the baby boomers come due .