Looking to buy first MHP (Texas)


#1

I live in the Houston area and am exploring the search for a first MHP to purchase.

Would love to talk to others who have purchased in the Houston/Dallas/Austin/San Antonio area (and in between) before.

Interested in your methods for searching for your first park, whether or not you purchased on your own or with an investor/partner, and lessons learned.


#2

I am in League City. I have a small park in the metro another one we are trying to close another one here that was delayed but actively looking for deals. I have done some assignments in DFW but am currently looking for deals to buy. I do direct mail and try to contact off market owners.

Have you done the bootcamp? TX is a great state to be in the park business.

You should consider this event as well:

Look forward to seeing you around.

As for parks , you can generate lists from the county , or frank and dave s list. It typically doesnt make sense to use mhvillage or mhpstore.com as your primary list generator as it will typically be more exclusive than inclusive depending on what size deals you are looking at. I bought my first park on the MHU due diligence manual and went to a bootcamp post close.
If you are going to buy a park, use that manual pref a bootcamp to guide you and start getting educated.

Here is a post on Bigger Pockets that i added a few more resources on :

Welcome !


#3

@Marvel_Equity thanks for the input and info…I did attend boot camp a couple years ago as a company assignment, but now looking at exploring on my own.

Would love to chat at some point if you have the time. Email is jmcole6@hotmail.com


#4

Thanks email sent or you can call me direct 847 847 eight eight zero eight within the next 45 min otherwise we can setup a time to chat.

  • Jack

#5

Thanks for the information on the event happening in league city February 7th.I am also in search of my first MHP.Hopefully I would like to start with a small park 30-50 pads.I am also working on building my data base so I can start my mailing Campaing.I almost had a park under contract last month but seller refused to sign it after all the negotiations. Any ways It would be good to connect with people already in the business and learn more .


#6

It can def be frustrating but focus more on the process and detach yourself from the outcome. You want to keep positive a relationship because it might not be the right time for someone to sell , or they might not be ready etc. If you push too hard, they might end up not wanting to sell to you. I guess this could be parks, cars, or even a thing a ma jig at the store. This is a relationship business and you sometimes just have to wait it out.

Hope to see you at the event.


#7

I signed up for the TexCo event. I am looking forward to it!


#8

Awesome! Look forward to seeing you there!


#9

I would be interested to hear how your search is doing. I recently negotiated a deal on a small park near Tyler, TX. It was on Mobile Home Park Store website. It had been there for awhile and the issue was the owner was hung up on a sales price that just would not work. He had a few offers from around the country, but generally those were “flippers” who were offering him low-ball prices. The park was immaculate. I bothered to make an appointment and spend over an hour getting to know him a bit. It took a month, but we arrived at a deal that satisfied both our needs.

Look at a lot of parks and run the numbers over and over and then those you are most interested in, be sure to do face to face.
Don’t just talk money at first. And think creatively. I ended up getting him to reduce his price by $43,000 by adjusting the amortization schedule to get him the cash flow he wanted.

And don’t fall in love with a park…there will always be another deal.