Hi Frank,
I am specifically looking for deals in Northwest states (WA, OR). I am willing to pay the 5% to 10% of the deal price if you can help me find a deal in those two states. I am not asking you to spend time just for this, but whenever you come across a good deal (around $2m) in those two states for whatever reason, you can assign them to me
Thanks again for the comments. I guess I will start looking around and see what is out there around me. I know of one place that is owned by what was a lucrative MH dealer. It is only 10 lots, only half are full, the rest need homes, and they want 175K. I didn’t think that was too good of a deal and I haven’t even got out my calculator yet.
I am new to this site and have a question for you all. I have a friend working for a community bank that has a 11 lot MHP they foreclosed and are looking to get rid of. They want $120,000/best, but there is very little information on financials for the park. What are some things I need to look for in this deal? I really like the idea of MHPs after finding this potential deal and this site!
Jim
Learn something new everyday. Complaining about not seeing a path that leads to your dream makes you “a victim”.
djminta, we bought a deal that was very similar but on a slightly larger scale. 32 lots. Here’s how it went down.
We love working with banks because they are not emotional. Example: We took a $450,000 asking price and turned it into a $200,000 acquisition. Use that info however you want 
We used a hard money lender to finance it for the short term. So, start getting cozy with people who have large self directed IRA’s in your area.
We ran test ads to gain confidence on the demand and subsequently leased 29 units in 12 months. Lot rent is $400 per month and the 3/2s go for $650.
At the moment, we are refinancing at an appraised value close to $1,000,000.
Based on our success, you might have the makings of deal on your hands. You should definitely pursue that thing further.
Sam Zell got his start selling Playboy Magazines he bought off a newsstand under his El transfer stop and smuggling them home to his suburban home and selling them to his friends in Jr. High School. He never stopped building and growing.
Dennis Ohnstad got his start selling manufactured homes and had to borrow the gas money from his new employer to get to work on his first day. His apartment had been burglarized the night before and he lost all of the tools of his trade (photography) and his job before he borrowed his neighbor’s newspaper to look for another job.
Bud Zeman started with $25,000 in cash money to buy his first park.
Jerry Witt, my first partner started with $1,000 doing Lonnie Deals before Lonnie. By the time I met him he had $1,000,000 in cash to put in my first park development.
George Allen started by managing a park and worked himself into an ownership position.
I started with $37,000 in cash to develop my first park.
Every one of us borrowed lots of money from others to make it happen, because none of the people in this post had very much money of their own.
While I understand starting from limited funds and starting small, I agree with Jefferson. Some people face a situation looking for excuses, while others see opportunity. Each person gets to decide for themselves what their attitudes are going to do to them, and where they are going in life.
I am interested to know where all of you came up with your down payment on your first park. I am saving for it, but it will take a while for sure.
My portfolio of single family homes started out from a home equity loan for down payments on bank financing and progressed to private money. My first MHP park down payment came from a 401k loan while I was still working my day job. My parks after that have come from private money from family mostly at 10% interest. They win with a huge interest rate (and they help run the parks for free) and I win by getting a park. Finally, I just put a $1.3 campground under contract with a lease option on a $25,000 option payment. So there are a few ways to get started. What is nice, is the banks I work with don’t care where the down payments came from as long as you get 25% down.
Work hard, save every dime by adjusting your life style to insure maximum savings. By deciding to make saving money your primary goal in life you will be amazed at how quickly it grows. But…every time you chose to go out to dinner, buy and new car or upgrade to the newest technology you are choosing not to save for the future.
People can chose to live day to day or dedicate themselves to working harder and smarter to achieve a better future. It’s up to the individual.
As I said, I had $37,000 in cash. I put together a General Partnership with myself as the General Partner and with 10 others who were investing cash. Developments are different than buying existing communities as they are harder to finance.
When buying an existing community today, the community owner will normally carry part because they don’t want their money all at once unless they are buying a different property. The banks want a 20% downpayment and if the 20% exists inside of a corporate structure they may not ask much about where it came from.
Greg - I absolutely love what you wrote!!! 
I bought the park from a couple wanting to retire and they took a second mortgage on the park for the down payment I needed. I moved into a empty trailer in the park because I had no money for a home mortgage. Those were the good ole days. You could always ask the owner most would do it if you prove worthy.
It is the great post. I do not own park yet. I have a full-time job and do loonie deals on weekends.
Am I small guy? No, I am not. I am an entrepreneur as @Jefferson said. I came from the different country (Ukraine). I hardly speak proper English (I have heavy Slavic accent). I was in big debts. I hardly could afford the boot camp. However, America born many motivational and inspirational people. I read couple books (50+) and realize many things but the most important “take action”.
Find a great deal and sell it to others. Many people pay referral fees. Save those fees and buy your own park.
Just take action! @Ty_
Thanks for all the feedback. This gives me some motivation to lean forward on this!
Charles, what state is that in? $400 a month is a nice sum.
That park is in the Atlanta metro. Certain parts of that metro have lot rents approaching $500.
“I do not own park yet. Am I small guy? No, I am not.”
Great mindset!
I am in the process of buying a old mobile home park developed on around 11 acres. There are around 7 spaces rented out so they drained the other septics. It has well water and septics and is in the county under a unincorporated category. There is about 20 acres to develope. Any suggestions?
Ty, we just attended the MHU Boot Camp in Charleston and we are new to this whole park thing. We have done some multi family rentals but while they made money it wasn’t a fantastic return on our investment so we are now looking into buying a park. The only thing I can suggest is find a park that will make financial sense for you both in terms of purchase price and return. We are looking to do one of the following or even a combination, barrow from family for some money down, use our current multi families as collateral or even sell some properties. Keep in mind once you purchase one and you make improvements it will increase in value allowing you to sell it or barrow against it. So just start out with what you can afford.