All Forum Posts by: Rachel H.

@Preston Goodman Another avenue is to talk to local property managers in the area. Many times, they can help you with market information and demographics should you decide to keep the property and hold it. 

Also, you may want to reach out to the local real estate investment club in the area. See if there are some members you can talk to who are active investors in the area. They may be able to give you some insight on the market as well. 

Hope that helps! 

@Daniel Medina It's best to talk to an estate attorney knowledgeable in the area as @Justin Hammerle suggested. The price you pay for advice will be worth it before you do anything. 

If you need a second opinion, you can also seek advice of other counsel. 

Hope that helps! 

@Tripp Warren Check local banks and credit unions in the area. Another option would be to talk to your local manufactured housing association. They may have a few referrals of vendors who may be able to help or know someone who can help in this area.

Other avenues are to talk to local real estate agents who list properties in the area and mobile home dealerships who may have some contacts on some lenders who can assist. Also, it wouldn't hurt to talk to some local mortgage brokers in the area to see what other options you have. 

Hope that helps! 

@Logan Pourbaix You may want to check with your local manufactured housing association if you're looking for referrals in this area. Many times, they do have a network of vendors in the industry who can assist others when needed. Hope that helps! 

@Samuel Coronado When mobile home parks are needing to fill their vacant lots, usually they do delay lot rent. Anywhere from 6 months to one year, depending on the supply and demand. 

In your case, this might be a good way to go since the buyer is going to be putting a lot of money into infrastructure costs with the land setting up the doublewide which include other costs such as moving, hook ups, etc. 

Parks have also offered to pay a portion of moving costs and hook ups, if needed. 

Hope that helps! 

@Steven Aviles It would depend on your overall goals whether you're looking for cash flow or want to just receive cash on a sale. 

If you decide to put a mobile home on it, it's best to check with the zoning department regarding restrictions (if any). Also, there's a process which will cost money to put a mobile home on top of the lot including movings costs, hook ups, set-up fees, etc. 

If you decide to go this route, it's best to do your due diligence first and gather all of the information regarding the costs before you do anything. This way, you'll know what you're getting yourself into. 

Another option is to see what other lot owners in the area have done with their own lots. Usually, it's a good indication of the market if you can spot any recent activity in this area. 

Personally, I have properties which are within that drive time (45 minutes) which is not a big deal for me. Anything over a 2-hour radius would not work for myself. Though, it depends on you. 

Just a couple thoughts. Hope that helps! 

@Shane Allman Yes, I agree with the options @Dave Skow suggested. 

Also, check with your local manufactured housing association. They may have other referrals for you for lenders who can help. 

Hope that helps! 

 Many who invest in mobile homes (either on private land or in parks) do so because of the cash flow versus the appreciation. It's a good way for beginning real estate investors to get in and learn a niche with less competition (compared to single-family homes and multi-family properties). 

Those I know who have been successful in the niche have stuck with it and have been doing it for quite some time. Personally, I've been in the business since 2007. It has its ups and downs like any area of real estate. Though, overall it's been quite profitable. 

Hope that helps! 

@Byron Friend If your family is already in the manufactured housing business and you plan to stay in the niche, it's best to start out with the connections you have already. 

If your plan is to stay in a Philadelphia office, they may know people in the business or know others who can point you in the right direction. 

Another thing you can do is talk to your local manufactured housing association. They may be able to refer you to resources you're looking for in the area you want to work. 

If you can talk to some seasoned brokers in the industry, they may be able to give you the advice you're looking for in terms of the process and what steps you can take towards your goals. 

With real estate, there's no playbook to live by. Everyone gets into it for their own reasons and anyone can do it as long as you work hard and have persistence. Being at the right place at the right time also helps. So, luck does play a role with those who are successful at it. 

Just a few things to think about. Hope that helps! 

@James Park You may want to check with your local manufactured housing association. They may be able to refer you to other mobile home park owners and vendors who can help you with your situation. Many times, other park owners are on the lookout to buy more parks to buy. 

As for filling the parks, you may want to sit down and have a chat with a few local mobile home dealerships in the area. They may be able to give you a few ideas on what you can do and perhaps create a win/win situation to work together. 

In the past, I've found both resources to be good information for market insight and referrals. 

Just a few things you can do. Hope that helps!