So...mobiles Huh?
Alright, LO and rehabs in my town are slim pickins. Hard to come by--However! Low income housing is a goldmine here, espessially mobiles. Now, I don't know nothin about mobiles except I have friends that live in them. I don't like them myself but people seem to make money renting them and if it makes money, by God I'm going to do it!
Now, I wanted to buy a couple acres of land and open my own mobile home park. Thing is, I don't know how to go about doing it. I figure I need to buy some land, sink some spetic tanks and maybe have some utility poles and wires strung up, make a little road, no big deal. Then what? Just divide the land up into lots? I wanted to start with maybe 25-50 spaces to rent, maybe buy 5 or 10 cheap mobiles and rent them out.
You know, really, if you guys could just point me to some resources so that I could learn more about this (besides reading TCI post, which I'm doing thank you very much) that would be great.
Peace,
Mitchell
PS. Remember, syphilis is what killed Al Capone.
The first thing is you need to find properties currently zoned to permit mobile home parks. This may be your biggest challenge. Suggest you take a look at the municipal zoning map and parcel maps and identify all the properties in the MHP district. If you don't already have one, get yourself a real estate attorney whom you should use to prepare fully-contingent purchase contracts.
You're also going to need a civil engineer and surveyor because you'll be entering the wonderful world of the municipal subdivision approval process. Your attorney and engineer can explain how that works in your area. I wouldn't suggest your closing with the seller until you have gotten through that process, had the land tested to determine the number of septics, site yield, etc.
it is definetly far more involved than grabbing a tractor, making a drive way and moving on some MH's
if it were that easy, many others would have done it long ago.
Quote:
Peace,
Mitchell
PS. Remember, syphilis is what killed Al Capone.
What does your qoute mean?
WheelerDealer:
Nothing. I'm a little, well, some would say, "weird." I say more like I'm nonstandard. Anyway, that's it. Just something that popped into my head when I was writing that thing.
Peace,
Mitchell
one area to explore in MH is baying used MH for a all cacsh . As low as you can and flip it and hold a note. The returns can bring 80/90% on your return.with little money invested. Cartin Sheet has a couse with a wilth of infomation.
I suggest you hire an experienced developer for this project-It is much more complicated than you think.
Kingmonkey,
Hmm. Very interesting! I had to ask. Gotta wonder what makes ya tick!!