Hi Everyone, new here to MHU. My husband and i are about to start selling 12 MH with their own lots. About .25 to .30 in some cases. We’ve had them a long time. My husband inherited them. We’ve upgraded them somewhat with water filtration in some, new floors and paint. We are about to list them with a broker, we talked with a month ago but didn’t sign anything yet. One has been sold to the renter who lives in it. We have the numbers or what we can sell each for. Very nice neighborhood not a park. Sprinkeled over 3 streets. I guess my question is if we should offer it here first? I literally just fell upon this site and i don’t believe in coincidences. Any suggestions please feel free.
Ine more question. Once sold, do we need to reinvest in Mobile homes and land again? Or can the 20% reinvestment go into any kind of land with possible home build or rental build? TIA
What area are the homes in ?
HILLSBORO COUNTY. FLORIDA
12 units with quarter acre properties (some bigger) 2 BR and 3Br in a nice area with homes across the street selling for over a million.
spread out over 3 consecutive streets.
You might get someone interested in here who can have it as an add on to what they are doing , you can also post it on mobilehomeparkstore.com , wont cost much and can give you an idea of what it might sell for . Its a bit different as not a park. May be worth more do to the individual lots and local market. You might get an agent who doesnt really know the asset class and just throws a number at a dart. or you can sell them off one by one to maximize value. Maybe check if any individual ones like this have sold previously to get a better picture of what you might expect.
Thank you. I actually just sold one for a discounted rate of 65.000 2/1 on 1/4 acre. We close 7/1.
I discounted it due to them putting money into the place recently before the purchase and she has been a long time tenant. So I took 5,000 off.
I know they are going to sell quickly but like you said I don’t know if this broker is going to know anything about it. I have already done the research for the area. I am selling below market value but not much. Just to move quickly.
My guess is you are doing the right thing to optimize the exit. Maybe weigh against selling as investment to retail owner occupant could be the highest dollar. Space out your sales one by one. If you are reinvesting ,depending on your hold time ; and opportunities you can find , see if 1031 makes sense for you
Yes, been told by our CPA we need to do a 1031. What exactly does this entail? Do I need to reinvest in Mobile home again? Or could I do an investment commercial property or invest in small business?
Also could rebuy in a different state?
Thank you!
Here is a good resource on 1031 research or post your specific questions and often times experts will jump in: