RCRE - Cracking Mobile Home Parks with Ekatarina Stepanova
Will Coleman and Mike Taravella interview Ekatarina Stepanova of M2K Partners.
Key Information:
Mobile home parks are divided into lots which have homes owned by either the park or the tenants.
Mobile homes are considered personal property and not real estate. When underwriting mobile home parks, only underwrite the lots and do not include the homes. Banks typically do not lend on homes in parks because of their rapid depreciation. Look to optimize the infrastructure in the park: septic tanks, clubhouse, roads. If possible utilize the city in regards to sewer, water, and electricity.
Good Resource: the Mobile Home Park University website
Expert Pro Tip: “Complete 3 Important Tasks Each Day!”
Contact Information:
MHP Tribe - facebook group
Mhpteam.com
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