Investor · United States · Member since 2018 · 6 posts · 1 vote
We confirmed 120 mobile home parks across the Milwaukee area.
11 individual priority parks with 960 lots between them
8 of those 11 had no website we could find
8 of those 11 had recorded sale dates from 2007 or earlier
3 more parks with 286 lots under one owner
Back when I was calling off random data, I would’ve gone into that call knowing about one park. This time I knew to ask about the other two. He wanted to talk about all three.
Red stars are the priority parks, including that group of 3.
Brown dots are secondary fits we kept on file.
Purple Xs are recent sales, corporate-owned parks, and portfolio holdings.
Not necessarily. These are off-market parks I've researched and prioritized for direct owner outreach. The goal is to establish relationships with the owners and see if there's an opportunity.
Evan, this is great work. That is exactly how off-market deals are found.
11 parks, 960 lots, and 8 with no website tells me a lot. Those are usually mom-and-pop owners who have held for a long time and are not actively marketing. That is where the real opportunity is.
The fact that 8 of them have not had a recorded sale since 2007 or earlier is a strong signal. Low turnover, likely low rents, and probably some deferred maintenance, but that is also where you can add value.
I am curious about that group of 3 with 286 lots under one owner. Did he give you any sense of motivation or what he would want for all three? A portfolio like that is a lot easier to finance than buying one park at a time.