We are looking to purchase Mobile Home Parks and Park owned homes.
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MHPs 30-spaces or more
Park-Owned Homes (POHs) are fine with us. We even prefer them.
Well & Septic is OK too, as long as it works.
Small towns & rural parks are no problem.
We prefer ones in the South & Midwest.
We strongly want properties that are “Off Market”
The area should not have any Sewage Treatment Plants (STP). To reiterate, no sewage treatments plants are desirable.. They are not doable in our wheel house.
We want parks that make a decent Cap Rate now, 8 or 9%, with tons of upside. Many MHP owners/agents give a Cap Rate that looks good, but it turns out that they're running it themselves.