Mobile Home Park Managers
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Love the course content. About to do my first deal within the next few weeks. Will have the Capitol to buy my first one.
Question...so I agree with following up with several Park managers to keep your name fresh in their minds, but wouldn’t you need to make sure you have the capital needed to purchase the ones that qualify as a deal to you first? Would it be a bad thing to turn down something from a park manager for the lack of Capitol?
Daniel..you are THE BOMB!! I have made a goal to get out of the rat race within 2 years if possible.
I'm just about 'there' with the capitol I'll need. Once that happens, I will then locate some nearby MH parks that looks ideal to invest in and start approaching park managers. I've been talking to a local MH investor that has some experience under his belt. He's agreed to meet with me soon to walk me through the best way to approach them and to assist me with getting my first rehab deal. I'm hoping to get something under $1k that I can put very little/nothing into and sell it on a rent to own basis. I've been told by another investor to try and sell every other one for cash if possible to continue to build up capital. I plan on eventually reaching out to John Fedro for his expertise.
Long term goal: Within maybe 2 years, have enough experience under my belt and repoire with a park manager to possibly purchase a MHP...:)
I never insured mine - couldnt find a carrier that would cover a vacant mobile home - and i never enforced or escrowed coverage on my sold units either - too much administrative hassle and i considered my risk so low with my COC being so high.
With such a large turnover with Park Managers, how are you able to establish a relationship. I have developed relationships with Park Managers and as soon as I was ready to strike a deal...poof! they were gone. But I'm not giving up.
I personally havent dealt with any significant turnovers, but if you are finding those potentially try to reach the park owner and if they are struggling to keep employees they may be inclined to sell the park.