Welcome to the Mobile Home Park Academy podcast. In this episode, Charles and I will discuss mistake number 14 from our popular eBook, “The 21 Biggest Mistakes Investors Make When purchasing their First Mobile Home Park…and how to avoid them.”
As you go out into the market place and look for deals, a common theme you’ll see is that virtually none of the marketing packages pitched by brokers have a yearly allowance for capital expenditures. You must budget for these large capital items down the road.
Every park will be different on this subject based on its unique characteristics. Parks with a large volume of park owned units will obviously require more frequent home repairs. Parks on private utilities will require you to save larger sums of money to deal with potential utility problems. Parks with dirt and gravel roads will need more frequent repairs to stay in good working order.