Buying my first park and would like to have someone to help me through the processes. Does anyone know of a commercial realtor in NC that could help with that? The park us in the Raleigh-Durham area.Thanks!
Check out the poster who goes by the name of Kristen. I believe she is/was an agent in the Carolinas and may be able to offer direction
Thanks will do
Dean, thank you for your post.I am a Real Estate Broker for South Carolina.Each State has their own requirements to be a Real Estate Agent. Thus, most Real Estate Agents usually work in just one state.I work in just South Carolina.I did meet a North Carolina Realtor who was very well versed on Mobile Home Parks.When I saw your post, I tried to find his information in my email box. Unfortunately, that is like finding a needle in a haystack.I will continue to look for his information.If I find it, I will send it your way.Thanks So Very Much!
Good heavens, tbston, why would you ever want a real estate agent to advise you? Real estate agents are out for one thing - securing their own commission. There are very few real estate agents who own MHPs and really understand the business. (There are many agents who understand valuation, and a surprising number who do not, but very, very few that actually understand how to operate a MHP day-to-day.)What you need is a MHP consultant who actually owns parks and has years of experience - and most importantly, is not compensated based now whether you purchase a property through them or not. Frank does that sort of consulting, I do that sort of consulting, and there are others too. I’d be happy to spend 30 minutes with you on the phone pro bono to answer questions and see if there might be a fit between us to work together. I consult long-term when I can partner with someone and co-own a property. But again, I’m happy to spend a bit of time with you on the phone free of charge to get you started in the business regardless of where the discussions go.Contact me through my website if you would like to chat.All the best to you,-Jefferson-
As a South Carolina Real Estate Broker and the Owner (with my Hubby) of 2 Mobile Home Parks I would highly suggest securing a Licensed North Carolina Real Estate Agent to represent you as the Buyer.I am NOT Licensed to practice in North Carolina. Thus, I have NOTHING monetarily or otherwise TO GAIN from this advice. It is just advice that I would give to a family member or friend.If the Mobile Home Park is listed on MLS (Multiple List Service), the SELLER will be paying a commission to both the Listing Real Estate Agent and the Buyer’s Real Estate Agent.The Buyer WILL NOT pay (and should NEVER agree to pay) any Commission out of their pocket. The Commission is PAID by the SELLER at the time of Closing. If the MHP Real Estate Transaction does not close, the Commission is not paid.Since the Seller will be paying the Commission out of their own pocket, you can get your very own Real Estate Agent (who is looking out for your best interest) to go to bat for you with the Seller paying for it.Now to find that North Carolina Real Estate Agent that is versed in Mobile Home Parks is the key to your success. I would suggest looking on the following websites to find some North Carolina Real Estate Agents that have listed Mobile Home Parks for sale:www.mobilehomeparkstore.comwww.loopnet.comFind the Real Estate Agents that have listed these Mobile Home Parks and call them. First ask if they could /or/ would help you write an Offer on a Mobile Home Park in a certain area (be very vague about the MHP and area). Secondly, while they are on the phone quiz them / interview them to make sure that they really are knowledgeable about Mobile Home Parks instead of just receiving this MHP Listing because they ‘knew’ the right people.Hopefully, after speaking to several NC Real Estate Agents you can find one that you feel comfortable with, who is knowledgeable about MHPs and who can help you with the process.Mobile Home Parks are a niche market. Please understand that the majority of Real Estate Agents have very little knowledge about MHPs (agreeing with you there Jefferson :-).You just need to find the one ‘right’ NC Real Estate Agent for you with MHP knowledge and experience.Writing on Offer to purchase a MHP is a very serious endeavor and you could potentially lose your Earnest Money if the Offer is not written correctly.Also, if you find the ‘right’ NC Real Estate Agent who is in the Mobile Home Park niche market, they might have some ‘Pocket Listings’. ‘Pocket Listings’ are properties that the Owners have said that they would be willing to sell, but who do not want to put them on the market for everyone to see.We wish you the very best!
You guys are fantastic! Thanks very much for taking the time to answer my post. Your advice is invaluable, thank you again,
I have to respectfully disagree with Kristin regarding using buyer’s brokers and pocket listings.We do NOT use buyers brokers (and Frank and Dave will back me up here) precisely because if you use a buyer’s broker, you will NOT be shown any pocket listings. Pocket listings are listings secured, obviously, by a seller’s broker. These are generally the best deals, and the broker’s know that and want to keep the entire 6% commission for themselves. So they do not show these deals to anyone represented by a buyer’s broker precisely because if they sell the property that way, they will only keep a 3% commission and have to give the other half to the buyer’s broker. I always ask brokers for their pocket listings. They then ask me “Are you a broker?” And I say “No - I’m not. You keep 100% of the commission. What deals have you got for me?” Our most recent acquisition in Kansas City was just such a pocket listing.I can assure you that you will pay a hefty commission for using a buyer’s broker. Ironically, you’ll never see what you pay. You’ll never see the best deals; you’ll see only shopworn deals that seller’s brokers could not sell to buyers not represented by buyer’s brokers. You’ll see the deals the seller’s brokers are desperate to sell and willing to split the commission on 50%/50% because they have no other prospects for the deal. Don’t think you are not paying a commission there. You’ve paid a 100% commission on the best deals. There will be $0 left for you.All that said, I did once sign a buyer’s broker agreement. I rejected the representation agreement they initially sent me, and I wrote one that worked for me. My terms were simple: the broker had to source deal(s) for me that were NOT on MHPS.com, Loopnet, or any broker’s website anywhere. In short, the buyer’s broker had to produce properties that I absolutely could not have found myself (at least not without cold-calling at random). This broker did indeed produce three off-market deals. All were - ahem - excrement. They had 60%+ vacancy, and were in small ‘no metro’ towns, and were not connected to city water or sewer.(Note to brokers reading this post: I’ll happily pay more than a 6% commission for truly off-market deals that are priced correctly and are not excrement.)My 2 cents worth, and as always, your mileage may vary,-jl-
Jefferson is correct in not requiring a agent to represent you in a purchase if (big if) you personally have the skills and abilities to negotiate your own purchase. In a situation such in this post where the individual is looking at a already listed park there is no disadvantage what so ever in being represented by an agent. Simply make sure you know exactly what you want from the deal and inform the agent that they must represent you as you wish not as they wish. Agents are a spokes person on your behalf and must follow your requirements. This again requires you as the buyer to have the skills and abilities to negotiate a deal only in a situation such as this you are using a middle man to speak on your behalf.
I have to agree with Gregg on both counts:1.) If this is your first MHP & is Listed on MLS, please secure a Buyer’s Real Estate Agent to represent you (As per Greg ‘In a situation such in this post where the individual is looking at a already listed park there is no disadvantage what so ever in being represented by an agent’).2.) If you have lots of knowledge and experience concerning MHPs and writing Real Estate Offers (e.g…Jefferson, Frank, Dave), you most certainly can represent yourself.I have read lots of Jefferson’s posts and he is obviously very knowledgeable about MHPs. There is also no doubt that Frank & Dave are very knowledgeable and very successful with MHPs. My Husband and I are firm believers in learning from others. Thus, I am sure that Jefferson (and definitely Frank & Dave) has lots of knowledge and experience to share with others.With that being said I respectfully disagree with Jefferson in terms of using Real Estate Agents.Please let me reiterate…I do NOT have a North Carolina Real Estate License.The original poster (op) was asking for a NC Real Estate Agent.I am a SC Real Estate Agent (who is the Broker-In-Charge of my own Real Estate Company).Thus, I have NOTHING monetarily or otherwise TO GAIN from this advice.My primary Real Estate Client is my Husband. I have 3 little boys, so I do not actively solicit business.Also, I specialize in niche markets:- Mobile Home Parks- Timberland- Dockable LotsMost Real Estate Agents have little to no knowledge of these niche markets (which is perfectly fine as they may prefer to sell homes…which is a much larger market).As a Listing Real Estate Agent I have had multiple Real Estate Sales where the Buyers do not have their own Real Estate Agent.In these situations I have given the Buyers the option to do one of the following:1.) Retain a Buyer’s Real Estate Agent to represent only them in the transaction (with the Seller paying the Real Estate Commission)2.) The Buyers select to Represent themselves with a reduction in the Sales Price* Please note that with most Listing Real Estate Agents if you come to the table without a Real Estate Agent, then that Listing Real Estate Agent will take you as their ‘Customer’ (meaning that they will represent both the Seller & Buyer). The Listing Real Estate Agent (Seller’s Agent) does not afford you the same legal duties/responsibilities that your very own Buyer’s Real Estate Agent can give you.My Husband and I have been actively learning about and pursuing Mobile Home Parks for approximately the past 4 years.My Husband and I currently Own/Operate two Mobile Home Parks.Our Business Model (as we get started) is to purchase MHPs that are in physical proximity to where we live.Since MHPs in our area are few and far between, we write an Offer on a MHP when we run across one that ‘looks’ like a great deal and the numbers work using Frank’s formula.However, our Offer has lots and lots of outs just in case the numbers that were initially quoted are not necessarily the ‘real’ numbers.If you have experience writing Real Estate Offers for MHPs (with lots of Contingencies…ways out of the contract) AND you can negotiate a lower price for representing yourself, please represent yourself.As for the Real Estate agents that have MHP Pocket Listings they would much prefer getting a percentage of the commission by selling it to someone with their own Real Estate Agent than waiting and waiting to collect both sides of the commission. "A bird in the hand is worth two in the bush."We wish you the very best!
Thanks to all for your posts they have been very helpful. If anyone does know of a realtor experienced in mobile home parks in North Carolina I would very much appreciate their contact information.
Thanks again all the best
tbston,If I were you, I would go to www.MobileHomeParkStore.com or www.LoopNet.com sites and search the MHPs for sale that listed in NC by a broker/agent. I would approach them as a buyer to ask them questions about their listings in order to find out their knowledge about MHPs. I prefer to deal with CCIM brokers - just my personal experience.But I have to say, I agree with Greg & Jefferson, you really don’t need a broker! Go to Frank’s Boot Camp ( but order the home study course and study it before the boot camp, write down all the questions while you study the course ), ask Frank any questions you have at the boot camp, attend the weekly calls and listen to the questions that other investors/park owners have, educate yourself! Best Wishes!
Hi there. I am also in the RDU area. I spoke to am agent named Stephanie McAnuff at Marcus&Millichap’s Charlotte office that was very knowledgeable and straightforward. I was impressed with her. I wonder if we were looking at the same park!
i am also looking to buy MHPark,but i need consultant to find the park and make a deal worth for me include righting contact,due deligence etc even if i have to pay commison.please contact me 508-243-3127