For what its worth here is my take. Specific to the MH space. Today it all hinges on the deal availability. If you see the thread where someone posted about their off market list, there are a million and one responses. If you can get the deal , that is your springboard for wherever you go next.
I like to just check in with other operators from time to time just to see what their thoughts are about something, see what people are doing ( whose opinions i value) . And thats how I write the narrative for my investment thesis.
I know money is out there and available ( you dont have to go further from the forum to see that).
Management , this is going to be a variable … You can try to scale with 3rd party mgmt, maybe it works , maybe not. But i would spend the time on building my back end mgmt structure as i get more properties , learn do things better. Unless you have an operations partner who wants to do all that. So thats just logistics that needs to be figured out.
Back to the deal. Frank and Dave i think have a great foundation for what many hear have learned. Granted a 100 space park in todays market 100 under market lot rents, in fill, booming metro , city utilities, isn’t going to exist on a 10 cap. And there are probably 10 x more people looking for it. I am not in that space. I would like to be but when you back into the numbers, for me personally, im trying to build equity and look for better opportunities. I am in the sub 50 space, not because i cant get the money together for larger deals , but i feel the better probability for squeaking out returns is here for me. Lately im a lot more involved in mgmt as well, partly for trying to figure out how to operate things better. And i like my market a lot. Counter intuitive for what Frank and Dave teach , im just trying to stay in the same area .
Figure out where there is opportunity that others aren’t. Say you found a great metro thats all mom and pops, maybe thats where you really want to push . Or if you have a market and can aggregate smaller properties to build a portfolio , thats a strategy. Or there are some operators i have seen that will buy anything and everything in a market ( small or big ) .
Just be careful on what you execute , in terms of strategy. Make sure you have an exit and bounce it off others to see if you are overlooking any component of risk.
From Day 1 Frank talked about the limited window… a lot of parks are getting gobbled up. You are competing with a different animal and have to know what to do . Get yourself a competitive advantage ( ie building your owner relationships for off market) , looking at development (different animal ) , Mixed use parks, niche operation parks .
And i think the issue with trying to get a coach or mentor is that i dont know there is one one right path. See where you can stack the odds in your favor what competitive advantage you bring to the table and do it. Mgmt for parks sucks sometimes. Maybe you build out the mgmt infrastructure , operate parks , and thats a door way into potential future acquisitions.
I think the key in todays market is going where others are not ( and this generally speaking can be where you outperform as an investor ) and you have to be able to see opportunity that others dont but always know your risk/exposure.
@Jim_Johnson Not sure if Jim offers consulting services but i thought i read at one point he may have had something so maybe worth reaching out. He pops into bigger pockets from time to time also.
If you had the right deal , you can call 10 operators of which whom you could probably dictate the right path in todays market.