I am trying to purchase mobile home parks in the MIchigan area and am having a hard time finding an agent that responds to requests for additional information or even my full price offers! I'm wondering if this is just the mobile home business- I've had the same kind of luck with mobile homes I've flipped.
Just wondering if I'm missing something???
Are you referring to Real Estate Agents or someone that works at the mobile home park?
mobile home park realtors
@Jennifer Taft I've been having the same problem in other areas. I have a very good friend who is a partner with @Frank Rolfe and he said that it seems to be the norm right now because the brokers are so busy with all the buyers. Another friend suggested sending an LOI and a copy of an EMD check on the parks I want to buy to get the ball rolling. I haven't done that yet. Best of luck.
@Jennifer Taft you are entering a very complex and convoluted business venture...mobile homes aren't real property...but the land they are on is. A "conventional" agent is not going to be much assistance. Is there anyone in your area the specializes in the purchase of land? They may be more of an expert in the area.
If you have not listened to this show, you will gain huge insight from it:
@Jennifer Taft Bruce M.
It's a combination of a hot market, but also inept agents as well.
Meaning, in the hot markets, the agents/brokers are inundated with full market offers and they know it. So if they have a list or people who they know will actually buy, then they'll sell to them first. Just by way of example, a nice property in a major metro came upon a major listing site recently, and for the love of God you cannot get through to the broker/owner who listed it because everyone recognizes it for the deal it is and he's got his pick of the litter.
Conversely, I've encountered brokers with less hot offerings in less hot states (10-12% caps in Ohio, Indiana etc), but they're just difficult. No follow up, don't really know the biz, etc
But I also find great brokers too :-)
Still Looking Jennifer? I know of a 131 space park in Indiana.
@Jennifer Taft May I ask why specifically in Michigan, since you're located in Torrance? I have a client who may be interested in selling his mobile home park in El Monte.
mobile parks are a lot of work
the best success I have had for finding agents is at the mobile home park store
they have agents and brokers that is all they do- mobile home parks
We have been specifically looking out of state because of pricing. California parks are selling at a much higher purchase price.
The issue is that an experienced broker that specializes in MHPs already has a list of buyers that have closed with them on previous deals. These customers will usually get first look and if it is a good deal they will offer. As long as the broker has customers like these there is no incentive to take a chance on a new buyer with no track record of closing.
If you are looking to create a relationship with an MHP broker I would suggest calling up the most junior broker on the team and meeting with him/her. This broker has the most incentive to build a buyers list. In a lot of cases this broker may not even have listings. But the broker can talk other brokers on the team into sharing private listings and split commissions.
I have been successful getting access to some deals with this strategy but the deals were never good enough to close.
Hi @Jennifer Taft ,
I didn't initially have too much luck with realtors either. We're on our fourth park now and we're starting to get some traction with a number of great realtors around the country. It's taken about two years.
You didn't ask for any advice, but looking back this is what I would have advised myself: Become very useful in one area and offer that service to other experienced park investors. Something that would be very useful, for example, would be a deep rolodex of debt investors who are looking to park money in safe 8% yield investments. Mobile home parks require a lot of time. You have to find parks, raise money, structure the deal, and then manage all of the assets. Most people can't do all of these things well right off the bat.
If you can become an expert in one helpful area and then partner with an existing operator you will benefit twice - once from your deep knowledge of a certain aspect of the business, and again from working with an operator who as already made the rookie mistakes.
Best of luck. Stick with it. Reach out anytime. Will
Join the Largest Real Estate Investing Community
Basic membership is free, forever.