What should I look for when searching for a park to buy? Been talking to a Realtor about a park for a about a year and not sure about the area. What do I need to look for?
Aside from the employment demographics the most important factor to me is whether the park, and any other parks, in he area are full. Most may suggest that the size of surrounding cities is important but realistically if parks are full of owner occupied homes that is the strongest indicator of a healthy area. Avoid using POHs as a indicator as they are a lower quality tenant and far more transient.
I would suggest you attend Frank and Dave’s boot camp. There is lot more to just finding a park. That is in itself not an easy task. You also need to know if you are cut out for managing and maintaining the park and have the right processes in place. The boot camp helps in lot of areas.
I usually try and use city data to look up statistics on the place we are looking at. Frank mentioned another site but can’t remember what it is anyone know?
I believe the other website was Sperling’s www.bestplaces.net. I just started really using both Sperlings and CityData and noticed a lot of inconsistencies in the population growth percentages, however I could be looking at the data incorrectly too. I was just about to ask @frankrolfe about it.
To me the most telling and important of all is the test ad response.
City-data and Sperlings do have inconsistencies in some of their data. Fortunately, it’s not that much and it’s not typically in the important arenas of SF and apartment prices and occupancy, population and metro area population. Personally, I believe that the data is much easier to digest at Sperlings, so that’s the site I use. Not sure why their info. is not identical, but they may gather it using a slightly different methodology.