Hi all,
Wannabe park investor here. I’ve been looking for a park in WA state for about a year and have had no luck finding a deal that would cash flow. Are there any Washington investors here?
I’m curious about the Oregon and Idaho markets, also.
same here. Those three states seem to be a waist of time . Even the brokers do not return calls and they do not want to talk to you unless you are interested in paying the asking price.
I have looked at every one available in Oregon, wash and ID. in the last year. They are very over priced with most being around 6% cap. It is a good market in the NW and most parks are full if they are basically a good clean park. I have seen no clean good park come available here. Most of them tahat come available have problems of some kind and are still over priced. Interesting, look at the available parks that come up in those three states. You will see there are very few that come available and then they stay that way.
Most of the lot rents are close to or above 500$. This looks to be a very hard market to get into unless you are looking to over pay a lot and looking for only basic cash flow below 10%.
I looked at one advertised, just recently. It started at 495 and then to 395 for maybe 9 old bad, small units… It is a terrible place to see. Very dumpy, on a very busy street and ect. Nothing good about it.
I started looking in other states and am having a lot more success and more prospects that make more since to buy. I am also getting better at evaluationg a park because of more of them to investigate.
Suggestion: Stop looking in Oregon and Wash and Id.
I know an investor who has a dozen parks between Eureka, CA and Seattle, WA - all up and down the coast there. He pays a 6% cap, makes no (real) cash flow, then hopes to refinance and take cash out. That’s a risky strategy if you ask me. I like cash coming into my pocket starting next month when I collect the rents. That said, this guy is a much larger operator than I am. He got started in the 1980s.
Alas, if only I wasn’t wasting my time in high school in the 1980s, I could be a big park operator in the NW like he is.
(:P)
-jl-