How we closed two parks 168 miles apart within 6 hours
Hi all! Just wanted to post about our busy Friday. We had two parks that closed today. There are still a lot of great value add buys in the market place . Each one was about 30 units , all city utilities (water and sewer) , all being paid by the tenants. In all of the lots, we are only inheriting one home that will be owned by the park which we will be working with the current long term tenant in place to see if they would like to purchase the home. One deal was seller financing , one was financed with a local bank.
How did we close two deals 168 miles apart from each other in 6 hours time? Well the whole truth is that sometimes to expand our reach , we try and be efficient and partner up if the circumstances are right . Our partner closed Park 1 and we closed Park 2. So that was how we accomplished this one in a single days work.
We also like that fact that since we only have one POH, there are not as many moving parts as there might be with another park. I have seen topics come up about questioning the merit of smaller parks and really feel that the 20-30 space market has a lot of opportunities. We will buy them all day long if we can make the numbers work on the deals. We are excited about the room for improvement on these parks as the markets are good, occupancy is close to 100% and the communities just need a bit of elbow grease. The rents should increase steadily in the coming years and there is also some room for improvement via operational efficiencies.
Right now we are looking for parks in a lot of different. We will look at small deals and big deals. Deal size will be determined by location , market, and price. We are also going to be looking at exchanging into some deals via a 1031 so if you have any deals that you are connected to, we would love to take a look at them so feel free to shoot them to us. I think to date, we have only made one offer on a lead that we received from a fellow Bigger Pockets member but a lot of times, the local relationships you establish, are ones we would not be able to make on our own. Please keep us in mind if you want to sell your park as well or want us to help you work your leads if you are not sure if they are deals or not.