Mobile Home Park Investors in Massachusetts


#1

Hi All. I was looking to network with some MHP Investors that live in MA. I know this isn’t a favorable state to own in but thought there might be some investors that live here and invest out of state. Who’s from the Massachusetts area?


#2

Hey MBiv,
I live in MA and recently almost bought a park in ME. To be honest I am not seeing any decent deals out there so I’m kind of sitting on some capital waiting to deploy it.


#3

I’m in Massachusetts as well and given rent control, inability to bill back for utilities, and right of first refusal, it is hard to find a deal in the state that works. I know a couple that have, but generally the numbers just don’t work.


#4

@JimFletcher what town is your park located in? Is it your specific town that put rent control in place?


#5

Hi Dani. It seems everywhere around us the Cap rates are very low. What are you looking for in a park? Are you trying to stay close for your first park?


#6

Not every town in Massachusetts has rent control, but my experience is that it is more common than not


#7

Hey MBIV.
It doesn’t need to be local. But that being said, I would love it if it were less then 5hrs by car :slight_smile:
Most deals I’m seeing in the northeast don’t make economic sense currently. Something needs to change to shake out all that cash slopping around buying up every asset on the assumption it will be worth more tomorrow while it doesn’t or barely produces a positive leveraged return.


#8

Owning MHP’s is the trademark of this website. For how long (years) and how many classes (students) have been teased that owning MHP’s is how to get rich off of poor residents that do not have enough money to move their homes. The time when a park owner had less than 3 parks there was little concern of how high rents could go since most could live comfortably with one maybe 2 parks and the owners cared about their tenants and were very involved in their town. So the need to own many parks is partially about GREED, and know we find for every park that comes up on this site or Loop Net it like flies on honey—hundreds of calls–how low will the cap rate go–the park business has it ups and downs–remember friends who lost all their parks in the 2007-2009 time span–it will happen again. Too many graduates with to few parks available. Presently we are watching NEW RV parks being built all across the USA and fill up–maybe the golden years for MH’s has pasted and the obituary is waiting for someone with many years of experience to announce it–over 35 years watching the decline.


#9

I live in MA and am looking out of state for a park to purchase. I sold off my out of state SFR’s and a local commercial building and want to redeploy the capital into a MHP for a long term hold.


#10

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#11

Hi MBiv,
Also in MA. Seems like the others, been looking at parks for sale but I’m pretty conservative and it hasn’t seemed like deals meet our requirements. And exit strategy for a “smallish” park (under the approx. 100 spaces that investors like) that would be in our price range is also a factor.