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Mobile Home Park Investing

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Logan M.
Pro Member
  • Investor
  • Provo, UT
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Here is where I have found each of my 8 Mobile Home Park Communities

Logan M.
Pro Member
  • Investor
  • Provo, UT
Posted Oct 30 2023, 11:43

Park Number One

-The MLS, I was the fourth buyer after the first three canceled.

Park Number Two

-Facebook

There was an agent who asked "How do you sell a mobile home park?", from there I got in touch with eh owner and the rest is history.

- Seller Financed

Park Number Three
-Appraisal Report

I had an appraisal done and it had the phone numbers of the owners of comps. I called them and one of them said that he was not selling but knew someone who was selling.
- Seller Fiannced

Park Number Four
-Wholesale list


Park Number Five
-KSL.com (Basically Craigslist)

Park Number Six

-Same owner as the KSL park, I did a 2 for 1.

-Seller Financed


Park Number Seven

-The MLS.

-Seller Financed


Park Number Eight
-Facebook Marketplace

-Seller Financed

Be creative and know that whether the market is up or down there are deals and there is seller financing.

I hope you found this helpful, feel free to connect for all things mobile home parks and creative financing.

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Samuel Coronado
Pro Member
  • Investor
  • Huntsville, AL
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177
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Samuel Coronado
Pro Member
  • Investor
  • Huntsville, AL
Replied Oct 31 2023, 05:42

Great sourcing methods! I've not had the best of luck with wholesalers and FB yet. One park in Jasper, TN that's being wholesaled by an out of state guy in Kansas is going for way too much. I've talked to the people several times and explained that investments are bought at the current snapshot. Over half of their spots are not filled and the ones they have are very undermarket. They're trying to sell on the pro forma of all spots filled at market rents at first. They just lowered the price by $75k and it's still grossly overpriced. My plan is to approach the owners once the wholesalers have released from failure to perform. 

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Terri B.
Pro Member
  • Realtor
  • Detroit
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59
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Terri B.
Pro Member
  • Realtor
  • Detroit
Replied Oct 31 2023, 05:50

Thanks for sharing. Do you rent out the homes? I told a realtor I was interested in one and she told me the board may not allow them to be rentals. I'm curious about how you're profiting from.them.

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Logan M.
Pro Member
  • Investor
  • Provo, UT
580
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712
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Logan M.
Pro Member
  • Investor
  • Provo, UT
Replied Nov 1 2023, 07:30
Quote from @Terri B.:

Thanks for sharing. Do you rent out the homes? I told a realtor I was interested in one and she told me the board may not allow them to be rentals. I'm curious about how you're profiting from.them.


 In Utah, we can rent homes as well as spaces and I do both. I have never heard that you cannot do both so I am curious what the reasoning is. 

Also, I would never buy in a blue state, if you are going to own a mhp you need to have the laws on your side as an owner.

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Ryan Davies
Lender
#2 Creative Real Estate Financing Contributor
  • Investor
  • Salt Lake City, UT
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Ryan Davies
Lender
#2 Creative Real Estate Financing Contributor
  • Investor
  • Salt Lake City, UT
Replied Nov 2 2023, 08:58

HOA's don't allow rentals usually so seller financing is a work around or just buy the whole park

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Logan M.
Pro Member
  • Investor
  • Provo, UT
580
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712
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Logan M.
Pro Member
  • Investor
  • Provo, UT
Replied Nov 3 2023, 10:17
Quote from @Ryan Davies:

HOA's don't allow rentals usually so seller financing is a work around or just buy the whole park

I personally would never hold onto a home in a park I didn't own, I would sell them unless it's in your own community. Too many unknown future variables.

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Replied Feb 2 2024, 14:41

I see you've used seller financing with most of your deals. I'm interested in a small RV park not far from me (in FL). The owners are an older couple who may be interested in seller financing but I'm unsure of how to structure the deal. Any advice? 

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Tim Townhill
  • Developer
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Tim Townhill
  • Developer
Replied Feb 3 2024, 12:42

Debra, not sure how to private message on this platform, but I have experience, buying/building and selling MHP's.  Would be interested to hear your story