Updated almost 13 years ago on . Most recent reply
If you do not swing- you will NEVER have a ball in play
There are so many steps to buying a mobile home park, but there are a few that you must do to move forward. Many people get stuck in the process, and the what if stuff, and never even take the step to make an offer on a park. Break this down a bit- if the park is for sale- it is for sale. So the asking price is not what your looking for- MAKE AN OFFER. I will add- make a intelligent offer. Look at the income, expenses, the local market and the rest of the stuff that is important to you- and make a offer you can support with your data. I have seen parks go under contract for 50% of the asking price. At some point- park owners that are selling just want some action. Maybe the park has been listed for a long time- and they have not had an offer in forever.
live example- today, there are 428 MHP's that are listed on loopnet that have been listed over a year. There are 247 that have been listed over 2 years. There are 52 that are just listed in the wrong part of the MLS- I wonder how much 'action' those parks are getting...
Step 1- find a park and make an offer- step 2, who knows? Maybe the reason the park is not selling is there is bad financing in that area- so they 'solve' you financing issue by doing a owner carry...
my point is- you have zero idea of what your next step is until you 'have a ball in play'. It takes a lot of hits to make a home run...
That is just one place to look- there are many others