Table of Contents
Return On Investment (ROI)
- Minimum Lot Size is 50'x100'
- Ideal density is 7 homes per acre, see Mobile Home Park Lot size
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- Sewer Issues
- Water Issues
- Purchase used mobile homes
- Install mobile homes
- Land
- use for overflow parking, boat parking, uncovered RV storage, charge $50-$75 per parking space
Professional Network Team
- Banker
- Interview 10 different banks
- “I am looking into some investment real estate options, and wondering if you could tell me about some of your different programs.”
- “Do you hold your own loans or sell them?
- “How much of a down payment do you require for an established mobile home park?”
- Lawyer
- Realtor - John Stewart with Keller Williams, john.ortongroup@gmail.com, 208-360-6867
- experience transacting commercial real estate
- contingencies in purchasing a park
- Grandfather status of mobile home park
- Contractor - repairs
- Professional Advisor
- Tax Accountant - Jason Peterson, CPA 208-324-8187, jpetersoncpa@gmail.com
- Insurance Broker
- Other Park Owners
Mobile Home Parks for Sale
- loopnet.com commercial property search
Questions Before Buying a Park
- Park Broker
- contact info (name, address, phone#) for seller
- Park Info
- Name, address
- Acreage
- Number of legal lots
- Space rents
- State recognize 55 and older community
- Plans
- Grading Plan
- Site Plan
- Utilities - water, sewer, power/electrical, gas, phone, internet/cable
- Hook-ups
- Amperage of electrical hook-ups
Bills - Rentor
- Park Space Rent
- Mobile Home Rent
Bills - Park Owner
- Drinking/Potable/Municipal Water Bill - NEVER pay this, will eat all the profits
- Irrigation Water Bill - Maybe but would like to see this bill divided up and paid by the tenants
- Municipal Sewer Bill
- Private Sewer Bill - will take up land, septic tank install and pumping costs, leach field can reclaim water to irrigate trees/fields
- Trash Bill (can vs dumpster) - very expensive for communities, see if trash can be picked up
- Electric Bill - see if price for street lights can be absorbed in the individual power bill
- Landscape & Maintenance - groundskeeper
- Internet
- Insurance ($3,000 - $7,000 a year)
- Property Taxes
- City/County Special Improvement Districts
- Systems' Development Charges (SDC's) - pay for schools, school busing, etc.
- Office Building
- Restrooms - avoid
- Laundry - avoid
List of Mobile and Manufactured Homes in Idaho
References
- The New Investor's Guide to Owning a Mobile Home Park by Laura Cochran
- Chapter 1 - W.O.W
- Working for your money
- Own your own business
- Your money working for you
- Chapter 2 - Types of Parks
- Chapter 3 - Where to find parks for sale
- Chapter 4 - Profitable Parks
- What makes a profitable mobile home park
- cap rates and cash flow
- Chapter 5 - Financing
- How can you afford a mobile home park? How can anyone?
- Chapter 6 - Banks
- Getting Started: Interviewing Banks
- Chapter 7 - Corporate Setup
- Setting up your business: the value of a corporate veil
- Chapter 8 - Professional Circle
- Chapter 9 - Buying verse developing
- Chapter 10 - Questions to ask before buying a park
- Chapter 11 - Why are they selling?
- What can you fix that will make this park profitable?
- Chapter 12 - Congratulations! You bought a park
- Chapter 13 - Management
- Who is going to manage your park for you?
- Chapter 14 - Time-saving software
- Chapter 15 - Go away… and still manage your park
- Chapter 16 - Pay your own bills
- Chapter 17 - Utilities
- Chapter 18 - Park Rules
- Chapter 19 - Be Strict
- Chapter 20 - Collecting Rent
- Chapter 21 - Notices
- What happens when tenants fail to pay rent
- Chapter 22 - Going to Court
- Fed's and Trals
- Chapter 23 - Problems in your park
- Chapter 24 - Keeping your park full and profitable
- Chapter 25 - Step by Step Instructions
- Checklist for buying your mobile home park
Idaho Mobile Home Park
- Project Scope and Deliverables
- Low cost is number one priority, followed by high quality, and willing to wait and be patient to obtain these
- Personal Experiences and Outcomes
- Jeff
- Generate Passive Income to solve the stress of earning money by doing a job I don't like but have to because I need the income
- I only have a limited time, so use it working on tasks have a big payoff, go for the dollars instead of dimes
- Teach my children so they know how to earn money
- Brittany
- Andrew
