Specialist · Indianapolis, IN · Member since 2020 · 2 posts · 0 votes
I have some capital, and like the idea of investing in mobile homes that are in parks. I am interested in connecting with investors that have done this before, and would like to know how to structure these deals with the sellers, whether through cash offers or with terms, then need to know how to structure the deals with the end buyers via lease options or terms. Excited to hear from you all!!!
Hi Paul, I'm a part owner in a 70 pad lot rent park bought 5 yr ago, added 20 homes, increased NOI now on the market for a 2x price increase. All is not roses!!! Moving from SFR to any active business is a shock. Passive to working like hell. The touters of MF, MHP, self storage don't (ever to my memory) talk about what life is like actually owning one of these miracle cash makers??? I'm exagerating.
- BTW no help from BP, you posted in the wrong forum. There is a MH/MHP forum. But its so hard to find forums, no wonder you posted here. Go and subscribe to the BP MH forum.
- Theres a free forum where MHP old timers hang at: mobilehomeuniversity.com join the free forum. Read the history.
- I strongly urge you to take mhu's boot camp when ever they have the next. To start out buy the DIY training from reasources. I did both, its the best MHP training avail. The boot camp is irreplacable how ever they hold t going forward.
- Go to loopnet and find local parks, regardless of how ugly, maybe unglier the better, start driving and parking. WALK THE PARK. Talk to folks on their front porch. Just say you really like parks, leave it at that. Look at folks garbage, yards, loose dogs, dirt bikes running mad etc etc. Then start talking to brokers. The deals on loopnet are 2x over priced, thats why they are there. MHP education will help you be able to punch up the correct price in less the 5 min from the parks prospectus. Usually half of the listing price.
- Google for the regional MHP trade show. In the SE its SECO. Hope they figutre out how to have the trade shows this year. Going forward there will be some MHP shows, its how and when.
Regardless of the asset type you say you are interested in the key question whos answer is much more important then most new folks appreciate; Sooo you want to own (some asset type)? Why?
Hotels, MHP, self storage, strip malls, all have very specialized knowledge necessary to make them successful. Else they will just become yet another run down barely working asset. Unless you have a very VERY good "why".
Your why + excellent education and deep network of experienced folks you have a chance at making a new complicated asset like an active business work for you.