Jumping Into the MHP Business

This is happening fast.  I guess that's one way to flatten out the learning curve.  I've studied much of the free info out in the internet.  I've learned about MHP park valuations.  I've analyzed many of the parks for sale in the Northwest.  I've talked to brokers, park owners, park managers, city officials, etc.  

It appears I am in the later stages of negotiating a MHP deal.  I'll share more about this some other time.  I also started the process of creating a business and brand.  

I acquired a domain name and will be working on a website soon.  I created a facebook page.  Not much there yet, but things are starting to take shape.  

That's all for now.  More to come soon.

UPDATE

A lot has happened since I first wrote this post.  I ended up buying the MHP mentioned above.  It is in a small town, which makes things challenging.  The park has 36 spaces and it only had 11 spaces occupied.  The purchase price certainly reflected these things.  

I've increased occupancy, started billing for water, and got rid of a few bad tenants.  The park has a lot more potential in it.  

Perhaps of most interest to those wanting to invest in a mobile home park is how I bought my first mobile home park with only $36K out of pocket. The key was to use both bank and seller financing.  And have the bank agree to utilize the seller financing as part of the bank required down payment.  

Since then I've become more interested in this space.  I've pursued a few other MHP leads and was in negotiations for another park in the Northwest.  That deal didn't materialize, but I am still in touch with the owner.  

Whenever possible, I like to visit with mobile home park and RV park owners and managers.  Recently I've become more aware of a common occurrence in the RV park investing market.  It seems some long term RVers, most of them retirees, are developing relationships with onsite RV park owners and somehow or another end up buying the park.  These parks are selling at some very high cap rates, and often with seller financing.  And what I find fascinating is that the buyers are able to maintain the RV lifestyle they love.  

All in all, I am very happy I made the decision to purchase that first MHP a few years ago.  I'll continue pursuing more opportunities in this market.  And I've jokingly suggested to my wife we need to retire in a nice MHP.  Well, this is really starting to sound more like a good idea of retiring in an RV park too.