Buying 12 new MHP Communities in 2024

Mobile Home Park Investing
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Buying 12 new MHP Communities in 2024

Logan M.
Investor · Provo, UT · Member since 2016 · 759 posts · 626 votes

This year I have set a goal to acquire 12 new communities.

Currently, we have 8 communities but last year we acquired 4 new communities.

A lot of my time is shifting from day-to-day operations to acquisition of new parks.

The ways I am going to find these communities are:

1. Checking a few competing sources on a daily basis including the MLS.

2. Directly contacting the owners

3. Looks for development opportunities to build new communities

Any other suggestions on strategies that have worked for you?

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Jordan MoorheadBusiness Member
Real Estate Agent · Austin, TX · Member since 2015 · 5k+ posts · 3k+ votes
2y

@Logan M. badass dude! If you find any in Texas or the midwest that you don't want let's partner or send them over and I'll pay a referral fee!

[email protected]512-888-9122
The Moorhead Team5140 Reviews
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  • Jordan MoorheadBusiness Member
    Real Estate Agent · Austin, TX · Member since 2015 · 5k+ posts · 3k+ votes
    2y

    @Logan M. love that dude! I'd like to buy 2 more this year with a minimum of 30 lots per park. I'm going to focus on cold calling, mailing owners and broker relationships.

    [email protected]512-888-9122
    The Moorhead Team5140 Reviews
    WebsiteView Page
    1Reply
  • Logan M.
    OP
    Investor · Provo, UT · Member since 2016 · 759 posts · 626 votes
    2y
    Quote from @Jordan Moorhead:

    @Logan M. love that dude! I'd like to buy 2 more this year with a minimum of 30 lots per park. I'm going to focus on cold calling, mailing owners and broker relationships.


     I need to focus more on broker relationships

    1Reply
  • Dave Rav
    Summerville, SC · Member since 2018 · 588 posts · 252 votes
    2y

    Wow, @Logan M. that’s impressive!  I wish you all the best.  

    0Reply
  • Jordan MoorheadBusiness Member
    Real Estate Agent · Austin, TX · Member since 2015 · 5k+ posts · 3k+ votes
    2y

    @Logan M. I think that comes easy for me because it's what I do for a day job. On the off market side I just need to build better lists and get the right phone numbers. Any tricks you've found there?

    [email protected]512-888-9122
    The Moorhead Team5140 Reviews
    WebsiteView Page
    0Reply
  • Logan M.
    OP
    Investor · Provo, UT · Member since 2016 · 759 posts · 626 votes
    2y
    Quote from @Dave Rav:

    Wow, @Logan M. that’s impressive!  I wish you all the best.  


     Thanks Dave!

    0Reply
  • Logan M.
    OP
    Investor · Provo, UT · Member since 2016 · 759 posts · 626 votes
    2y
    Quote from @Jordan Moorhead:

    @Logan M. I think that comes easy for me because it's what I do for a day job. On the off market side I just need to build better lists and get the right phone numbers. Any tricks you've found there?


     I run a team of agents mainly on the residential side so getting contacts for commercial agents that work with MHPs will be the trick. I made one connection Friday and he sent me 4 parks.

    1Reply
  • Jordan MoorheadBusiness Member
    Real Estate Agent · Austin, TX · Member since 2015 · 5k+ posts · 3k+ votes
    2y

    @Logan M. badass dude! If you find any in Texas or the midwest that you don't want let's partner or send them over and I'll pay a referral fee!

    [email protected]512-888-9122
    The Moorhead Team5140 Reviews
    WebsiteView Page
    1Reply
  • Logan M.
    OP
    Investor · Provo, UT · Member since 2016 · 759 posts · 626 votes
    2y
    Quote from @Jordan Moorhead:

    @Logan M. badass dude! If you find any in Texas or the midwest that you don't want let's partner or send them over and I'll pay a referral fee!


     How are you structuring your purchases? Partnership, individual, fund etc?

    1Reply
  • Jordan MoorheadBusiness Member
    Real Estate Agent · Austin, TX · Member since 2015 · 5k+ posts · 3k+ votes
    2y

    Partnerships for me. I like to split up the work so I can still focus on my main business and also grow faster with a good team.

    [email protected]512-888-9122
    The Moorhead Team5140 Reviews
    WebsiteView Page
    1Reply
  • Logan M.
    OP
    Investor · Provo, UT · Member since 2016 · 759 posts · 626 votes
    2y
    Quote from @Jordan Moorhead:

    Partnerships for me. I like to split up the work so I can still focus on my main business and also grow faster with a good team.


     Who is typically operating your communities?

    1Reply
  • Jordan MoorheadBusiness Member
    Real Estate Agent · Austin, TX · Member since 2015 · 5k+ posts · 3k+ votes
    2y

    @Logan M. my business partner and I. We currently have one in Louisville and luckily they're all TOH and he lives close by

    [email protected]512-888-9122
    The Moorhead Team5140 Reviews
    WebsiteView Page
    0Reply
  • Logan M.
    OP
    Investor · Provo, UT · Member since 2016 · 759 posts · 626 votes
    2y
    Quote from @Jordan Moorhead:

    @Logan M. my business partner and I. We currently have one in Louisville and luckily they're all TOH and he lives close by


     What city? I used to live out there

    1Reply
  • Jordan MoorheadBusiness Member
    Real Estate Agent · Austin, TX · Member since 2015 · 5k+ posts · 3k+ votes
    2y

    @Logan M. Crestwood/Pewee Valley

    [email protected]512-888-9122
    The Moorhead Team5140 Reviews
    WebsiteView Page
    0Reply
  • Lance Kulawiak
    Member since 2024 · 2 posts · 0 votes
    2y

    I'm not even going to pretend I know how to navigate this either.

    0Reply
  • Logan M.
    OP
    Investor · Provo, UT · Member since 2016 · 759 posts · 626 votes
    2y
    Quote from @Jordan Moorhead:

    @Logan M. Crestwood/Pewee Valley


     I worked for a week in Sulphur so I am pretty familiar with the area

    0Reply
  • Logan M.
    OP
    Investor · Provo, UT · Member since 2016 · 759 posts · 626 votes
    2y
    Quote from @Lance Kulawiak:

    I'm not even going to pretend I know how to navigate this either.


     It is all about systems and I am sure I will have plenty more growing pains.

    0Reply
  • Michael SmytheBusiness Member
    Real Estate Agent · Metro Detroit · Member since 2023 · 4k+ posts · 3k+ votes
    2y

    @Logan M. curious how you are funding your acquisitions?

    Logical Property Management4.9455 Reviews
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    1Reply
  • Samuel CoronadoPro Member
    Investor · Huntsville, AL · Member since 2016 · 348 posts · 182 votes
    2y

    I have a goal of one commercial property a year, but this is more about getting at least something that's 5 multifamily units a year, but I'll take a look at non-multifams as well. My focus for multifamily right now is mobile home parks. I acquired my first one last year after almost 10 years of doing one offs. 

    0Reply
  • Michael Kaminski
    Member since 2024 · 15 posts · 3 votes
    2y

    As someone new to this and only having two rentals, how does one find MHPs for sale? 

    1Reply
  • Logan M.
    OP
    Investor · Provo, UT · Member since 2016 · 759 posts · 626 votes
    2y
    Quote from @Michael Kaminski:

    As someone new to this and only having two rentals, how does one find MHPs for sale? 


     Calling the owners

    0Reply
  • Logan M.
    OP
    Investor · Provo, UT · Member since 2016 · 759 posts · 626 votes
    2y
    Quote from @Michael Smythe:

    @Logan M. curious how you are funding your acquisitions?


    Almost every park I own has been seller-financed, 5/8 parks and the other 3, I don't I have any money in them but have ownership.

    I have only put money into two parks out of 8 for acquisition.

    0Reply
  • Michael SmytheBusiness Member
    Real Estate Agent · Metro Detroit · Member since 2023 · 4k+ posts · 3k+ votes
    2y

    @Logan M. wow, wouldn't have thought sellers would to that.

    What are the average terms you've been able to negotiate - if you are okay sharing?

    Logical Property Management4.9455 Reviews
    WebsiteView Page
    0Reply
  • Logan M.
    OP
    Investor · Provo, UT · Member since 2016 · 759 posts · 626 votes
    2y
    Quote from @Michael Smythe:

    @Logan M. wow, wouldn't have thought sellers would to that.

    What are the average terms you've been able to negotiate - if you are okay sharing?


     It really varies but I break it down to monthly payment, percent of payment towards principle vs interest (Interest Rate), and Term of loan. Then I give the seller a few different options to choose from.

    0Reply
  • Logan M.
    OP
    Investor · Provo, UT · Member since 2016 · 759 posts · 626 votes
    2y
    Quote from @Michael Smythe:

    @Logan M. wow, wouldn't have thought sellers would to that.

    What are the average terms you've been able to negotiate - if you are okay sharing?

    I just created a post for your question
    https://www.biggerpockets.com/forums/30/topics/1171957-three...
    1Reply
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