Renter · Matthews, NC · Member since 2011 · 29 posts · 3 votes
I just came back from a mobile home park and the manager said he doesn't allow investors to have homes on his park because "he loses control". I asked him what he meant and he said having investors can cause the park to be in disarray because people renting often leave and trash the place. Lonnie said to find managers that will work with you so I'll keep looking. Has anyone had this experience? Any thoughts on what you would do. Also, he told me the lot rents in this area ranged anywhere from $250-$320 a month depending on the size.
Real Estate Investor · Member since 2009 · 260 posts · 119 votes
15y
Ted, while I was reading Lonnie's and Zalman's books I was also looking at craigslist daily to see what was out there and how much it was selling for. If there were multiple ads for a particular home I would look to see what his original list price/date was, how much he dropped it and how long before the ad disappeared or sold.
This helped me familiarize myself with the market as well as look for the MH that was suitable for my first deal.
I don't know if you've read them or not but I started a couple threads that are like a 'walk through' of my first few deals and have a ton of great input for others here at BP.
Renter · Matthews, NC · Member since 2011 · 29 posts · 3 votes
15y
Terry and Greg,
Guys thank you very much for the advice. I had a feeling what you guys said was the right thing to do and you validated it. I drove thru a park today and saw a for sale sign but it was already sold. Should I have asked the park manager anything else?
Homeowner · Burleson, TX · Member since 2008 · 756 posts · 376 votes
15y
I have learned from Rachel about how much of a relationship building biz this is. How friendly is the manager? Do you get the feeling that he/she would call you if they had a deal for you?
You can have some influence on this call if you try to develop that relationship.
You have to notice subtle things to do this. What does he/she like? What are their concerns? If they want a nice, clean park I do what I can to make sure my guys leave the area cleaner than when they got there. If the manager has a work crew, I have had pizzas delivered for lunch on a few Fridays. If there is a vacant MH that is a problem for the manager, I am another set of eyes watching out for the managers (and my own) interest.
You need to ease into a favorable position with this manager. No hard sell. The managers see investors come and go. Lots of empty promises.
Make sure you're are easy to contact and try looking out for their interests and see if it works.
Real Estate Investor · Alpharetta, GA · Member since 2009 · 16 posts · 0 votes
15y
I'm surprised to hear that so many park owners are not interested in "Lonnie" investors. I own multiple parks throughout the SouthEast and welcome investors into my park as long as they are selling the units to the resident and not renting them.