Ideally, you’d buy from “mom and pop.” But has anyone purchased a park from a large owner (1,000+ lots)? Do these guys even ever sell? Curious to hear any and all experiences!
I personally have not. However, I definitely would and hear from a lot of folks that have bought from larger operators. I’m working with one right now and while it can be a little intimidating and you’re probably thinking you’re getting screwed over somehow, there’s plenty of reasons they may want to sell that have nothing to do with it being a bad property.
- They have lots of equity in the park they want to recapture
- The park no longer fits their “investment criteria”
- They want to roll the proceeds into something bigger
- It’s an outlier and doesn’t add any efficiency to their portfolio …etc. etc. etc.
If it seems like a good deal then I would check into it further. If they’re that good there’s also likely to be a reason they bought it in the first place! Good luck! - Kyle
Yes, it happens. Every asset has a cycle. Some larger operators have capital time horizons. It really depends on what type of park you are trying to buy.