Doing a 10-31. Need to purchase a park. Would prefer city services, however private is ok as long as it is not a lagoon or sewer plant system. Have no problem pay a commission, finder fee or assignment.
Presently other excellent choices, Delaware Trust, triple N’s such as Dollard General. We could not close out our 1031 with a park (to low cap rate or someone trying to sell pro-forma numbers) DG is giving a 6 cap rate with NO, NO, management or collection problems and monthly checks. The 45 day period for identifying a property is fairly easy, DD is a difficult time since Lots of surprises can occur with the 3 properties identified. Remember most good properties will never be seen on this site or will be under contract with 10 other people wanting to do back-up offers—been there!!! For over 4 years we have asked for people to send us GOOD properties for sale that we can cash out and can close in less than 30 days-----NO RESPONSE!
What size are looking for? Price range?
That’s right. Market is extremely competitive nowadays. Too many buyers. So 1031’s are extremely difficult nowadays. Matter of fact it even makes you vulnerable, because you have less ground to negotiate since you’re the one in a rush.
Only 1031 if you have a deal lined up or very well connected.
Hey Carl, Thank you. I thought I had responded but it went to the host of the website instead. Thank you for the information. Yep I agree about the down side. But only looking at MHP’s. Thank you again
the bigger the better, however the price needs to be probably under 900K, or I could buy 2-3 smaller parks. Would like to be in ID, MT, ND, SD,MN, WY, CO, WI, but if it is the right deal I will buy anywhere.
Thank you Gonzalo, That is why I am putting out the feelers now.
Birdwomen—still waiting for someone with a good park that we can close in 30 days that is reading this reply, please contact us (DD takes us normally less than 4 days) or less. Gonzalo idea is good except when someone asks if we would sell one of our parks and we named a silly price and they said when can we close , would you refuse. We than put two parks under contract done DD with one and the other refused to accept full listed price so we went to triple N’s without any hassles or problems and are closing in Jan. The MHP business is way over heated but still some decent buys with RV parks and a year ago we purchased a +55 park where they pay in FULL ONCE a year. Notice the problem with some MHP’s and filling empty sites—RVer,s are bringing in THEIR OWN HOMES SOME OVER $100,000 and we are full. For the last 20 years our MHP’s parks have also had RV sites and they were always full and collected more money than mobile home spaces.
I have a seller in CO that is looking to part with a small park the fits that price point. email me at: vasili.arvanitidis@marcusmillichap.com; or call at 425.223.5949; have some other deals around the country that meet that criteria as well…
HI Birdwoman–I am going to have a park to assign in a week, or so. Send me your email, if you like, and I’ll send you the info once it becomes available. Thanks! Gordon (gordon@landmarkassetsllc.com)