Some good advice here. Thanks for the input guys. I'll join the group about gaining knowledge first...I'll also throw in that seems like all the real estate is on sale right now if you are a buyer.
Regarding Mobile Home Parks, I'll share a strategy that I saw work pretty well. Used to assist a group that would look for MHP properties that were <50% occupied, but with good infrastructure. We would buy newer 3/2 units to sell (you could also work with local MHP retailers to get them to place units they were trying to sell in the park free of charge. If they sell, they get a sale and you have a rent paying tenant). Anyway, we would sell the units on a 7 year term. Reasoning was most everyone can imagine paying off the home in that amount of time...longer terms result in higher defaults. On average, we would fill a park and double the value of the park within 12 months. The hard part was the financing of the homes, so the plan needed someone with capital to invest. I worked with the group acquiring and selling the parks and in administration capacities and saw some 12-14 parks done successfully over a 2 year period.
Kyle, this probably wouldn't apply to you unless you could leverage the purchase of the homes and/or access larger volumes of cash, but it was a fun strategy to watch.
With $100,000...what about buying and renovating homes?
Jun 28, 2010