The Mobile Home Park Lawyer Podcast Ep. 141 | Pros and Cons of Buying A Small Mobile Home Park
This week's episode is about the pros and cons of owning a small mobile home park. Ferd Niemann shares the pros and cons of buying a small mobile home park. While some pros exist such as getting a chance to connect with tenants on a more personal level, cons also do exist such as not having the ability to hire a full time property manager. In addition to this discussion of contrast between the two, Ferd also weighs in by using his personal experience as a small mobile home park owner and addresses the problems that he faced and had overcome.
Highlights of the episode:
00:20 - What Is A small park
01:21 - Initial Cons of owning a small park
03:24 - Paying The Park In Cash
03:40 - Not having a full time manager
03:52 - Finding at a higher cap rate
05:00 - Easier to Zone
05:23 - Less tenants equal less headaches
05:34 - 1 vacant unit will be a big hit to the business
06:06 - Getting more personal with the tenants
06:34 - Issues with scaling
07:53 - Conclusion
Notable Quotes
“In general, smaller parks are going to cost less, it’d be cheaper and require less cash.” - Ferd Niemann
“It may be a nice trial park, depending on where you are financially.” - Ferd Niemann
“You could know all the tenants by name” - Ferd Niemann
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram: https://www.instagram.com/themhplawyer
#SmallMHP
#ProsAndCons
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