Starting in Mobile Home Park Investing

2 Replies

Hi! I'm looking to get into investing in Mobile Home Parks. I'm based in the San Francisco Bay Area but am looking to invest out of state. I have some capital saved up but would realistically need a partner to invest with in order to get started as well as have someone who has some deals under their belt so I have some sort of direction. I've been educating myself over the past couple months or so and understand that there is a lot to learn. What are the best ways to meet people in this business? I felt like the forums on here would be a great place to start! Any feedback or advice would be greatly appreciated!

@Chris Young have you attended one of the mobile home boot camps? Frank Rolfe does an excellent job of providing comprehensive training on mobile home parks. There’s a lot you need to know and understand before you can determine if a park is a good investment. So much more than other asset classes. You need to do environmental studies, and stay away from parks that have their own sewage treatment plants or septic systems.

I was interested in investing in parks as a diversification from multi family. I spent a few years looking at parks and making offers. On larger parks, the big companies are willing to pay a lot more to acquire them than makes sense for a smaller investor. Parks with 30 or less lots would be easier to acquire, but if you are not local, they will be difficult to manage.

Proceed with caution.

@Chris Young MHPs can provide consistent and predictable income for sure. With that said there can be a lot of moving parts when owning and operating a MHP. My wife and I own 2 parks and are currently negotiating a 3rd. We jumped into this space without any training. Fortunately, it worked out for us. I agree with Lila Ravve about attending training if possible. If we could have done it all over again we would have partnered with someone already in the space.

Before you find a partner or purchase a park you may want to get clear on your goals. We made a ton of mistakes that ,in hindsight, could have been avoided if we were clear on what we wanted to accomplish. (For the record, we still make a lot of mistakes.) Finding and spending time with like minded people is super important. Find and attend Multi-Family Meet Ups or REIA's. I drive 2 hours one way to network with people that own multi family properties. Good luck.