1031 exchange - need to buy a park in 30 days!


#1

Hi, Park owners,

I am about the close the deal for selling my apartment building in 30 days and I need to find a mobile home park to buy. Here is my criteria:

  1. 100+ Lot (at least 50 lots), $3M value (at least 1.5M, $4M max)
  2. City Utilities
  3. 10 Cap (varies based on condition of the park)

I am looking for two parks like these. If you have one for sale or your friend has one for sale. Please let me know.

Thank you!

Jerry


#2

Jerry,

I’ve been telling people to NOT close on the first leg of your 1031 exchange until you’ve identified your upleg.

Why?

You are experiencing the answer right now.

Lack of time to find suitable replacement property.

It puts you in the unenviable position of not having the time to locate the best MHP/asset you could if you had more time.

You’ll get pushed into ANY deal to save the exchange. Bad strategy.

Better strategy is to give your buyer an option on your property, but not allow them to close until you’ve found your upleg.

It’s simple – if the problem is timing (45 days to ID / 180 days to close) -> avoid the timing altogether.

Its a trap.

And I didn’t even mention your due diligence period of 30-90 days.

OK, that’s my suggestion.

Keep us posted,

Mike


#3

send me your contact info.


#4

Hi, Jfoody,

My email is peakbleu@gmail.com and my cell is (206)354-6280.

If you have park for sale, please let me know. Thanks!

Jerry


#5

Send me your contact info. I think I have what you’re looking for. Thanks Willie 864 313 1998


#6

Contact info ? Let’s chat soon

Michael@strattonre.net


#7

Hi, Park owner and brokers,

I want to thank you all for you help for getting my 1031 exchange done this February. We did the exchange in a wrong order (sold my apartment complex first and then look for parks to buy). We bought two parks in value of about $4M.

Guess what, we are doing this again! We are looking to buy parks:

  1. sites: 50+ lots
  2. Public utilities
  3. value about $5M (could be the combined value of two parks)
  4. Prefer cap rate of 9%

If you have park for sale or you have leads, please let me know and I will give finder fee upon closing!

Jerry
(206)354-6280
peakbleu@gmail.com