It’s discouraging to me to read stories here of people spending months or years looking for the right deal, since if I want to buy I’ve got less than 2 months to identify a park. I’ve got a land sale closing in two weeks and will have a bit over a $1,000,000 to invest via a 1031 exchange.
I’m considering a mobile home park, partly because of tax advantages (because of extreme capital gain on the property I’m selling I will have little tax basis and so the advantage of depreciation won’t be available to me) and partly because of the upside available from turning around a poorly performing park.
I’m in Northern California and don’t wish to relocate, but I am willing to spend several weeks a month at a park to manage the turn around. That means I’m most interested in Oregon, California and Nevada. I’m not interested in flying back and forth to Texas several times a month if I can help it.
If I was successful in achieving a turn around I would expect to sell the park 2 to 4 years down the road and purchase a larger park.
So finally the questions - is it realistic to think I can find a park given the 1031 exchange time constraints I’m working under? Or should I just put my money into a nice safe low cap rate apartment building? Maybe I should be willing to consider any city served by a single flight on Southwestern out of Sacramento?