Mobile Home Parks


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  • Good morning,
    Who here is looking to invest in a mobile home park?
    Thanks for your help.

    I had one with a partner a few years ago.
    I sold my interest and wish to buy another.

    What’s the next step?

    Michael

    Mike,
    I am in Tallahassee, Florida.
    Where are you interested in investing?
    Thanks

    Hi Don:
    I would like to invest in mobile home parks. Are you looking to buy or sell in Tallahassee, Fla.? Let me know the details if you are looking to partner with someone.
    Thanks,
    Gary

    I am also interested. I just looked at one half an hour south of me: 30 lots, 21 filled, no park owned homes. I am trying to figure out if it makes sense to pursue or not as the seller had it for sale last summer and turned me away as it was under contract and is now asking $450k. It certainly is outside of my expertise as I’ve only done one Lonnie Deal ever (not a ton of mobile home parks where I live).
    Greg.

    Don et al,

    I’m interested in 44 states. Except CA, OR, WA, NV, AZ, AK and HI.
    West coast has cap rates that are far too low. Alaska is too cold and HI has no MHP’s.

    I prefer the Midwest and south.

    BTW, make sure when you looking at the park financials that the NOI does not include any notes held by the park. When the note runs out, so does the income/NOI.
    It alters the NOI and thus the value.

    I am not interested in parks that are mostly or all rental parks, aka – no tenants own their homes.

    Let’s keep this going,

    -Michael

    Hi Mike, Greg and Don:
    If you would like to connect and brainstorm about investments on mobile home parks, I would be very interested. I did a 3 day workshop with Frank Rolfe who has purchased and operated hundreds of mobile home parks in 20 different states and is one of the leading educators on the subject in the US. I would be willing to share the information on due diligence and a multiple of different topics on purchasing and investing in parks. Please let me know my email is: [email protected].
    Thanks,
    Gary

    Gary I think this is a great idea! How about a zoom call? I would think there would be interest in this–definitely a lot of brainpower on CFD to talk through different opportunities and a lot of good points of view.

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