We own decent sized park in a good market in California. I think the time is approaching to 1031 this park into a larger asset. I expect a sale of our current park would yield ~$2 million of cash after paying broker commission and existing debt so would likely be looking for a $6 million - $8 million park or portfolio of parks.
My question to the community is what advice people have on locating another MHP to deploy the capital and what strategies they would suggest given this will be a 1031 exit? What are the best channels to locate a park of this size? Does anyone have advice on 1031 exchanges in the MHP industry in general?
We would like to move out of CA and into a market with better cap rates and correspondingly healthier cash flow. We are a family who prefer to invest somewhat passively. We are heavily involved in acquisition underwriting and due diligence up front but prefer to have professional offsite management run the park after closing. We have an offsite company run our CA park currently and have had a positive experience.
Looking for all the standard asks - public utilities, minimal park owned homes, good metro, some upside on rents. Willing to pay above average commissions and have bankable credit.
Thanks in advance for any advice!