How bad is too bad?


#1

Need to hear your thoughts.

Trying to learn enough to pull the trigger on my first Lonnie deal.

I drove through two parks of older MHs today----there were many that were empty. Nearly every space had a unit present some trashed but some that looked not too bad. I did not see any “For Sale” or “For Rent” signs. There WAS a Realtor sign near the office (closed) that said “Rent to Own”.

Would I be nuts to try to buy something in a park where there appears to be a lack of demand? The parks are in the same general area. Mobile home living is common in my area.

These two parks are in the same general area and maybe 3-4 miles from the city with 60,000 plus pop. The parks are not that great but not stacked with trash and cars.

Any comment would be appreciated!

DFS


#2

I wouldn’t recommend you start your investing career in a park that has a bunch of empty and/or trashed mobiles. That’s how I got started because the mobiles were so cheap , but the park had a bad rep. and deserved it. That made the mobiles I bought very hard to sell. I didn’t follow Lonnies plan when I first started and I paid the price.

Look for clean parks and friendly park managers that are happy to have you working in their park. Your investing life will be much less stressful.

The park manager can be a joy to work with and send you

sweet deals if you will take the time to find that one manager that needs you to help them keep their park full and that lot rent coming in.

Good Luck


#3

My gut feeling is that there has to be a reason folks are steering clear of these parks. I have seen parks in the area that are probably worse but pretty much full. They seemed to have a viable community.

Thanks for what I feel is very good advice. I need to keep looking and learning. Some time in the future a park like the above mentioned could possibly be a turnaround project for the knowledgeable guy. Not me, not now! The two parks that I visited have about 80-90 spaces each.

DFS


#4

DFS,

Keep your eye on these parks. If they are 1/2 empty and starting to look run down they may be “For Sale” in the future, when you are farther along in your investing career. When working parks always ask is the park for sale.


#5

My feelings exactly! Not me, not now!