I have been spending a lot of time the last few months researching the MHP industry and have learned quite a bit from this site and Bigger Pockets. I’m currently reading the 10/20 book as well as the due diligence book from Frank and Dave. My experience in real estate is almost zero, but I do spend a good amount of time managing securities investments at my job. I also spend a lot of time prospecting for potential multi-million dollar clients and that is a skill that could be beneficial to someone. I have two questions for the group, any and all constructive criticism/comments are welcome:
What could I bring to the table for a partner? I’m looking for someone with experience in the industry and who can pay a good piece of the down payment to partner with. So I’m asking myself as well as the community, what value could I bring to the table to make myself attractive to a partner? I know that in any business, if you can make someone money or save them some time then you can be valuable.
If I were to find something to bring to the table for someone experienced in the industry, where would I go to find a partner like this? Trade shows, forums, local real estate investment clubs? Or all of the above?
Again, any help would be very much appreciated. And feel free to ask follow up questions. Thank you.
If you are wanting to do a turnaround, there is value in doing the heavy lifting of getting the park fixed up. You can also spend your time trying to find deals. What areas are you looking to work in , what deal size range are you looking at, do you have any capital to invest?
You can go to a REIA and connect with investors. MHPs are a niche so don’t be surprised to find no one who does them but you may also find them.
If you can find the deal, you might find people willing to partner with you on it but it has to be a deal ( meaning you have to be knowledgable and it sounds like you are heading in a good direction) .
Bootcamp is also a great start because not only you are enhancing your knowledge base, you can network with other investors.
Good luck and let us know if we can help you out, there are a lot of smart people on this forum .
Thanks again for the advice Jack. I am looking at doing a turnaround for my first project with someone. I feel that I will learn the most from this anyway. I am looking at Florida/Georgia area right now. I think I’m looking at a smaller park at first too. Maybe 20-50 units. I do have some capital to invest, but most is tied up in a home I just purchased.
I have visited a local REI club but it was pretty much 99% people flipping houses. Apparently that’s a big thing in my area.
I am strongly considering doing the boot camp in the next 6 months. I’ve heard nothing but good things about it and it’s not often you get the opportunity to get that kind of advice.
I would do it sooner or at least order the course. Don’t spend a dime unless you know what you’re doing. To me a 20 space park is a nice small size. 50 lots in a good market will be a very different price point.
