Mobile Home Park...For Sale...Price Reduced...SC...Due To Out Of State Owners...& Poor Management...Thanks!

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Being an Out Of State Owner of a MHP with lots of Park Owned Homes is not always the easiest thing.

This afternoon I received an email from another SC Real Estate Agent with a MHP Listing that just had a major price reduction.

As per the Listing Agent’s Marketing Packet the Out Of State Owners purchased the MHP in 2007 for $600,000.

In 2014 the Owners listed the MHP for sale for: $1,150,000

Now 2 1/2 years later the List Price is: $700,000

As per the Listing Agent’s Marketing Packet the Out Of State Owners had some issues with the On-site Managers.

This particular MHP has 67 Park Owned Homes.

When considering purchasing a MHP with lots of Park Owned Homes and being an Out Of State Owner, consider the difficulty of repairs, renovations and Rental Home Tenants.

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Some people have asked for additional details on this MHP.

Yesterday, the Listing Agent sent me a Marketing Packet of this MHP.

After I received the Marketing Packet I looked on LoopNet and noticed that the SC Real Estate List Agent had entered the Listing on LoopNet 7 days ago:

The MHP is in Cordova, SC (which has a population of 165 - as per Best Places) and in the Orangeburg Metro Area (which has a population of 89,208 - as per Best Places).

I am a South Carolina Real Estate Broker-In-Charge and South Carolina Real Estate Agent.

I have closed a deal with this Real Estate List Agent on another MHP.

In addition my Husband owns a MHP in the Orangeburg, SC area.

If I can help anyone, please just let me know.

Below is the information:

  • Previous List Price: $1,150,000
  • Current List Price: $700,000
  • State: South Carolina
  • Metro Area: Orangeburg Metro Area
  • Metro: 89,000
  • Total Acreage: 21.06 Acres
  • Total Lots: 81
  • Total Park Owned Homes: 67
  • Total Vacant Lots: 14
  • Lots Rented: 31 - (As Of December 2016)
  • Water & Electric: City Water & Electric
  • Sewer: Septic Tanks
  • Roads: Dirt
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Kristen-- I am presently looking for a MHP in SC. I live in Columbia and have looked as far away as North GA. Call me after 5 at 803-714-3131 if able. I’d like to get more specifics on this one. Thanks.

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@ParkMan82 , thank you for your comment!

I will give you a call :slight_smile: .

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That’s Funny to see this I looked at this on Loopnet about a Year ago Called the Agent E-mailed Called Left voice mail Twice and never received any reply, So sometimes if you decide to to sale your Rea Estate Holdings you should really check to make sure they are giving you there Best. I agree Completely with Kristen Park owned Homes has lots of Baby sitting from Contractors to Tenants and everything in Between, But that’s the difference between Successful and Unsuccessful to be Successful you have to be willing to do the things Unsuccessful people wont or can’t do

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@Kristin I’m looking for parks in SC. If you see any under $500k please let me know!:slight_smile:

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@Kristin, is this property still active?

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@KajunGal, as per your post:

  • “@Kristin I’m looking for parks in SC. If you see any under $500K, please let me know!”

Yes @KajunGal , if I see any under $500K, I will let you know.

Thanks So Very Much!

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@KajunGal , as per your post:

  • “@Kristin , is this property still active?”

Yes, to my knowledge this MHP is still active.

As per the List Agent’s Marketing Packet (Cal Brunner) the age of the Mobile Homes are 1980s and 1990s.

I have not seen the Mobile Homes.

However, personally I would be a bit concerned about the rental prices of the Cordova MHP POHs. Do the Mobile Homes need serious renovations or better management? I do not know.

My Husband has an Orangeburg, SC MHP, which is located on the northwest side of Orangeburg (closer to Columbia, SC) near lots of growth on the North Highway (near Walmart & Lowes).

My Husband’s MHP was on the market for sale. However, he has pulled it off the market due to all the growth in his area (nothwest side of Orangeburg) and an increase in Lot Rent.

Below is some information from newspaper articles about the growth on the northwest side of Orangeburg:

As per “The Times & Democrat” Newspaper Website’s Article from October 17, 2016 – (Grocery Store – Lidl – North Road – Next To Sonic):
• “A German discount grocery chain has broken ground for its Orangeburg store.”
• “Lidl, a division of German retailer Schwarz Group, is constructing a new store on North Road next to Sonic.”
• “The company plans to build an approximately 36,000-square-foot standalone store.”

As per “The Times & Democrat” Newspaper Website’s Article from November 5, 2016 – (57 Acres Developed – North Road – Next To Walmart):
• 57 Acres next to Walmart on the North Road is being developed
• “The development is expected to include restaurants, retail outlets, an entertainment complex with possible movie theather, as well as a hotel and residential areas.”
• “Green space to include walking paths, ponds and open spaces is also planned.”

As per “The Times & Democrat” Newspaper Website’s Article from November 5, 2016 – (Recreational Center – North Road – Behind Orangeburg Preparatory School):
• “Moore said the plans will coincide and tie in with the city’s plans to build a recreational center behind Orangeburg Preparatory School. The recreation complex project calls for baseball and softball fields for children and adults. It would also include picnic tables, some playgrounds and walking trails with exercise stations.”

The Cordova MHP is located on the southwest side of Orangeburg.

We wish you the very best!

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Hah! Very small world. I also run a note investing business. The bank that originated the note on this park in 2007 was selling the note and I placed an offer on it. My bid was very low ball because the park is really really rough (I didn’t didn’t win the bid). I hired someone off craigslist to take videos of the park, if anyone wants them let me know and I’m happy to share. I didn’t delve too deeply into the park, but $700,000 is likely way, way over priced for this park. The park is in poor condition with (poorly maintained) septic sewer and in a weak market.

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Hi @Noel_S. This park is back on the market. If you still have the video, I would love to see it.

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Yes, this Mobile Home Park is now a Short Sale.

The Real Estate Listing Agents are:
MAXWELL R. BAKER: Office 404-442-2807 mbaker@leeatlanta.com
GLENN ESTERSON: Office 404-442-2825 gesterson@leeatlanta.com

Info as per the Real Estate Listing Agent’s Marketing Packet:

  • Mobile Home Park
  • Pineview Manufactured Home Community
  • Cordova, SC
  • Total Lots: 81 Lots
  • Park Owned Homes: 56 Mobile Homes
  • City Water
  • $475,000 - Short Sale

We wish everyone the very best!

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Here’s the video I hired someone local to take back in 2016:

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Great videos @Noel_S. Thank you very much.

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@Noel_S , thank you for posting the video!

That was very kind of you!

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Kristin, do you know of any parks that are for sale in the 1mm-2mm range? I’m also in SC, near Hilton head

if you do email me jyoon79@gmail.com

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@investor1 , thank you for your post!

Unfortunately, currently I do not know of any in that price range.

We wish you the very best in your search!

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@Kristin and @Noel_S, I am now under contract at this park and appreciate your assistance.

The area isn’t the best, and financing will be a challenge, but the up-side potential and valuation was difficult to pass-up.

I will be reaching out to other MHP investors in the Orangeburg, Columbia, Charleston area and others on this forum much more in the near-future if the purchase goes through.

While I plan on being very involved until be park is stabilized, I will be first looking for an experience MHP manager that is knowledgeable about mobile-home renovations.

If anyone knows someone that might fit the bill in Orangeburg or the surrounding areas, please let me know.

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@sc_hokie , Congratulations on your contract!

@Noel_S , thank you for providing a wonderful view of the MHP!

The MHP appears to need lots of “Tender Loving Care” :slight_smile: .

We wish you the very best as you do “Due Diligence” and as you continue forward!

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Hi there! Does anyone on here by chance know the name/ contact of the owner of the park or land next to pineview?