New to the MHP space, soaking in what I can from resources and conversations. Seeking more experienced folks open to sharing their experience and possibly working together. Eager to grow and learn and willing to put in the time and sweat equity.
Feel free to send me a text or email
Greetings! I will email you. It will come from *****email@example.com account.
As someone who dove in headfirst with a partner… I’d recommend gaining experience however you can. Which is what it seems like you are doing here. I went to one of the last MHU bootcamp’s before the pandemic, learned a ton, found a partner & launched. But man, in practice, solving a lot of these challenges are still harder than in the classroom.
The good news is people will help in these forums and Frank even answers his phone like he says he does.
But if you can manage a park for someone for 6 months or a year it will be valuable experience before owning one yourself. But don’t let that discourage you from getting involved… just don’t let the excitement talk yourself into a deal that isn’t great.
Take the school. If you find one that you have looked at and are considering buying, pay them to evaluate the Park. It’s inexpensive and could save you from making a mistake. On the other hand it can also very your purchase.
Start buying and selling mobile homes to get a solid understanding of the product. That’s what we did to understand the tenants and product first hand prior to buying MHPs.
Welcome to the Mobile Home Park asset class! Here are a few tips to help you get started:
- Attend the virtual MHU boot camp if you can afford it, it’s worth the money, seriously- I’ve done the in person one 4x
- Network with people in this space via the forum and social media groups like the MHP mastermind on Facebook and the MHP investors group on LinkedIn
- Attend events, meetups, webinars, conferences like SECO and the MHI congress and Expo
- Use educational resources like Youtube/ MHU and the book Trailer Cash by Jamie Smith
- Consider mentorship under an experienced operator by finding their buying criteria and bringing them an off market deal …please think of me first for this one
- Research and create a list of all the parks in your local market and go meet the owners and ask if they would consider an offer
- Consider “Lonnie Dealing” and familiarize yourself with the inner workings of mobile home communities. This is what I did to get started and eventually allowed me to scale up to owning my first mobile home park.
- Plan your finances/ save cash. Cash will be king soon if we go into a recession and it could be a good time to buy a park
- Consider passive investing with experienced operators if you have the equity available in order to learn from active deals.
Success in this space often comes from not being afraid to make mistakes.
Best of luck with your journey, and feel free to reach out if you have any specific questions.