Mobile Home Park Deals- are there any left?? question answered

3 Replies

So I get this question privately all the time- so lets open the topic. With the bootcamp at MHU cranking out 40 new interested investors every few months are there enough deals to go around? That seems to be the prevailing question. 

In short the answer is a resounding- YES. First off, while the bootcamp gives all the info to find, put under contract and operate a park it does not give the skills to do so. Think of it this way- I can show you how to fix your car, I can give you the manuals and even a shop to put the car in, but having tools and a manual does not make you a skilled mechanic. I have the skills to fix my own car but guess what- I take it to a shop. I am not sure how many people who attend the bootcamp really go out on their own and buy a park but the number should not concern you- it is low and there are LOTS of parks out there. There are so many parks- I only turn up the heat on my search tactics when I want to buy because so many leads are generated it takes several hours a day just to sort through them. As a disclaimer- people will from time to time hire me to coach (mentor) them through one phase- or all phases of the business. Finding a park, putting it under contract, doing due diligence and operations. The last guy I coached went from zero leads to a park under contract in 60 days- 60 days later he had it bought. This year that park- he paid about 1mm for it, should increase in value by about 200,000 and give him a cash on cash return int he 35% zone not including write offs. 

So- take a class, attend a bootcamp or hire a coach or mentor. Lots of options out there- everyone learns on different levels and all the choices exist. Books are not very expensive, classes are a bit higher- the bootcamps are a good mix of material and lecture, with some limited hands on time in the field, coaches and mentors are pricey but effective and personal. A book does not do your due diligence walk through with you, nor does the bootcamp- but a coach or mentor might. 

I want to state I know Frank who teaches the MHU bootcamp and bang for the buck- nothing, nothing tops it. Many moons ago I presented at the bootcamps for the average guy finding deals, operating deals etc- and I have seen many people go through he program. It is first class for a bootcamp. Many of the people I coach and mentor come from that bootcamp and the foundation they have is very strong. 

So- yes, lots and lots of deals. Maybe not in southern California, or the gas and oil rush areas of the Northern Sates or parts of Texas- but there are plenty of deals. 

Thanks Jim for the encouraging thoughts on the current market for MHP. 

Interesting discussion Jim. Although I am not interested in mobile homes at this time, I am a newbie who has been educating myself on SFR fix and flips for the past half a year. From what I have been reading, it seems like there has been an influx of new investors over the past few years. I am curious as to has this ever happened in the past (normal real estate cycle) or has all of the flipping shows currently on TV played a large part in this. Also curious as to the short and long term ramifications to real instate investing, especially in Southern California.

Thanks!! Jim. Very inspiring and helpful. You always have great info.

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