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HOT TOPIC Where are all the Mobile Home Park Investors?

OP
OP
Major

Major

Luck is Man-Made
FASTLANE INSIDER
I've Read UNSCRIPTED
Oct 26, 2016
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South Carolina
Hey everyone. Thanks for the replies. Will be creating new posts.

Have three other parks in Due Diligence and will be writing about the turnaround as well as the finishing of two current parks being fixed up at the moment.
 

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WJK

Gold Contributor
Speedway Pass
Oct 9, 2017
870
2,002
542
Nikiski, Alaska
Oh the Trailer park Romeo and Juliet. Sorry to know the love lost romance will cost you money and more importantly time. It could have been worse but you have the correct attitude.

Thanks for the post and keeping the thread alive. I hope it will help others in the future. Will make it a priority to post more regularly. Let me know how you deal with the insurance.

Best of luck
I don't deal with the insurance on this fire. I carry liability insurance on the park, but no fire insurance on the individual units. After you collect enough units, it's no longer cost-effective. Fire insurance is more than expensive.

But, we'll be able to save the unit. My husband got there in time to throw snow on the fire, along with the fire department to put it out. The biggie is that my husband got the natural gas turned off, so it did explode.

It's a lot of smoke damage; an interior wall burned down, cabinets, floors, and ceilings damaged. The fridge is melted to the kitchen floor. We'll have to go in and gut it. The natural gas system must be retested and approved by the utility company. We know that the water heater is OK. We don't know about the furnace located in the hallway. It's not the end of the world -- just another project.

I started doing equity purchases (now called "flips") in the Los Angeles ghettos 40+ years ago. My life hasn't changed much over all of those years. This gig is no different, other than I rent them rather than selling them.
What I like about my park is the rentals are all in the same place, which makes management and maintenance easier. I own the whole little community, including the small community water system. Everyone here pays me monthly rent! Yes, it's a lot of work, and I do have a park office with regular business hours -- around 30 hours per week. I figure that I must do the bookkeeping anyway, so I spend those hours dealing with my tenants and doing the office work.
During the summers, I also have full hook-up RV spaces and two sleeping rooms that I rent out to our Alaska visitors. We also have workers who come from all over to work in the oil/gas fields here in Cook Inlet.
But, the upside is that it's a great way to make a living in a small, rural town.
 

BRichard

Contributor
Read Millionaire Fastlane
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Jul 31, 2017
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North Carolina
How is everybody going with their MHP investment activities? I've just closed on my 4th park, and locking up 2 more in Due Diligence.
Any of you guys taking on capital only investors/partners? I'm running out of personal cash and continuing to find more deals.

Deal flow = good/great
Investor flow= need more!!
 

Sandparts

New Contributor
Jun 4, 2013
3
10
14
San Diego County
How is everybody going with their MHP investment activities? I've just closed on my 4th park, and locking up 2 more in Due Diligence.
Any of you guys taking on capital only investors/partners? I'm running out of personal cash and continuing to find more deals.

Deal flow = good/great
Investor flow= need more!!
I’m looking for another park. I have 4 currently and I am running out of tax shelter. Looking for deals in the $1.0 MM to $3.0 MM range. I am an owner operator. I’ll consider Oregon, Ca, AZ, ME, NV. I’ll pay you a finders fee appropriate for the quality of the deal.

If you need capital I can put you in contact with some private equity guys. PM me for contact info.

If you need mom and pop investors I can point you in the right direct as to where you can find some.

Anthony
 

JScott

Legendary Contributor
EPIC CONTRIBUTOR
FASTLANE INSIDER
Speedway Pass
Aug 24, 2007
4,207
8,146
1,961
Any of you guys taking on capital only investors/partners? I'm running out of personal cash and continuing to find more deals.

Deal flow = good/great
Investor flow= need more!!
If you can find good deals, there is plenty of money out there right now looking for good, recession-resistant deals. I just invested in two mobile home syndications, and they both filled up pretty much immediately. So, you might have good timing on this...
 

BRichard

Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Jul 31, 2017
22
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27
North Carolina
If you can find good deals, there is plenty of money out there right now looking for good, recession-resistant deals. I just invested in two mobile home syndications, and they both filled up pretty much immediately. So, you might have good timing on this...
Thanks @JScott , I am hoping that is the case!
 

HL805

New Contributor
Read Millionaire Fastlane
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Jun 22, 2017
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@BRichard you are killing it.
what would you say is working best for you as far as finding deals?
mailing? online? etc,
 
OP
OP
Major

Major

Luck is Man-Made
FASTLANE INSIDER
I've Read UNSCRIPTED
Oct 26, 2016
57
227
156
South Carolina
In contract on a 46 unit + warehouse.

Will be doing the whole thing on my YT Channel soon :D
Sure anytime. Have a few deals under contract. When the hammer falls and they have closed, will be able to start finally making the channel content myself.
 

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BRichard

Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Jul 31, 2017
22
32
27
North Carolina
@BRichard you are killing it.
what would you say is working best for you as far as finding deals?
mailing? online? etc,
@HL805 I run multiple techniques concurrently - hand written letters, postcard mailers, cold calls, etc all at once. I've used brokers and MLS also, but those purchase prices are generally high and the returns much lower. Best deal to date was a pure cold call.
Most of what I see online is wayyyyyy overpriced.
 

James90

New Contributor
FASTLANE INSIDER
Jul 2, 2019
17
16
17
Five months later the family moved and gave me possession of home. They did not get an money back for the last month as they were breaking the lease and agreed to the terms. I managed to save up $2,000, that my partner matched for a total of $4,000 to fix up the home. Installed new hvac, heat pump, paint, new carpet, and two scratch and dent appliances within two weeks. We are not invested into the home a total of $7,800. Put the home on market with a sign in the window and an add on craigslist. We had a buyer for $18,000 in four days. Buyer put $6,000 and agreed to a $450 payment for 4 years with 9% interest. My partner and I split the down payment 50-50.

I'm curious since you originally purchased the home for $6,000..... from your experience whats usually the barrier for your buyers to just purchased that on their own?
 
OP
OP
Major

Major

Luck is Man-Made
FASTLANE INSIDER
I've Read UNSCRIPTED
Oct 26, 2016
57
227
156
South Carolina
I'm curious since you originally purchased the home for $6,000..... from your experience whats usually the barrier for your buyers to just purchased that on their own?
The biggest issue is majority of banks will not lend on a used mobile home. Meaning any home removed and setup on anything other than a manufactured home dealers lot. Majority of buyers will not have much more than a few thousand dollars or understand how to purchase and take over title of a mobile home.
 

BRichard

Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Jul 31, 2017
22
32
27
North Carolina
Hey everyone. Thanks for the replies. Will be creating new posts.

Have three other parks in Due Diligence and will be writing about the turnaround as well as the finishing of two current parks being fixed up at the moment.
Hi Major,
Did you close on all 3 parks? Would love to catch up and see how things are porgressing.
 
OP
OP
Major

Major

Luck is Man-Made
FASTLANE INSIDER
I've Read UNSCRIPTED
Oct 26, 2016
57
227
156
South Carolina
Hi Major,
Did you close on all 3 parks? Would love to catch up and see how things are porgressing.
Closed on one, working on closing the second, and walked from the third as I did not like market response add results.

Yes, would like to catch up. Give me a ring or PM
 

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