I’ve been looking at Zillow, LoopNet, etc… . I have not had any luck. Is there a company that looks for deals to fit a buyers criteria?
Yes. They’re called brokers. “Pocket listings” are off market deals offered by industry brokers.
Just trying to get clarification…so brokers could have both ‘off market’ and ‘on market’ deals, right? And, of course, wholesalers’ deals would be ‘off market’. As would any that one got by cold-calling.
I see several requests on the forum for ‘off market’ deals only. Is there any reason people would want ‘off market’ as opposed to ‘on market’ other than they think the price will be better?
If it’s far off from the CAD values, you’d likely not want advertise that as it’s a value-add for the new owner.
I sent out direct mailers, and cold called. I found internet and brokers are way overpriced.
Nope just less competition therefore better price.
I have bought on and off and very off market deals. I haven’t (knock on wood) had a miss yet.
My recommendation is pick region, find brokers that sell MHPs in that region, and establish relationships with them. Let them know youre a serious buyer but dont be shy or afraid to ask about what you don’t know. As long as they believe you will buy the park that meets your criteria they will give you the time of day.
And right now is the best time to get that conversation rolling.
We’ve got some off market deals in Texas. Let me know if you’re interested in this region. David Dunaway
As a Broker with over 45 years assisting investors with finding viable mhp deals I have come to the following conclusions:
A. Most “investment grade” properties are under constant surveillance by the REITs or knowledgeable Brokers, and well capitalized investment companies.
B. The “pickins” are much better for properties which are “below the radar” of A. above eg; smaller, in poor physical condition, inadequate utilities, poor market places, high numbers of community rental homes , or other similar conditions which will require additional capital, Substantial management time or other resources in order to produce a satisfactory pre-tax return.
C. Often over looked “value added” properties may often be overlooked, but given a dose of management attention and capital, may produce desired investment results. Those properties in this class include: expansion of sites on vacant entitles land “Brownfield” properties, the purchase of adjacent entitled or not yet entitled land, or the development of a completely new community from the ground up “Greenfield” properties.
For those properties in group C. as described above which qualify, there is an existing non-recourse, fixed rate, low interest, high LTV combination acquisition and construction to permanent long term (up to 40 year) loans. Qualifying may take from 6 mo to one year, and require some “up front” (partially refundable") at risk expense.
Travis , break down the methods you stated. Is it as sounds call mobile home offices and ask if they are interested in selling, and mailing your information to them for future interest ?
I have a list of parks in Louisiana. These list are not perfect. Some have park, and owner address and phone numbers. I mail to all address that I have. Then I cold call whatever phone numbers I gathered up from research. Out of 1000 mailers, I may get 3-5 responses. I call these owners and build a relationship with them. Evan though they are not interested in selling now, I keep up the lines of communication by calling every few months.
No, but if you can delineate your target market in a given state, you can find an experienced lic Broker who is willing to assist you. It takes a lot of time searching so the Broker may ask for a “buyer’s Broker” agreement. The closer you are to “market parameters” for purchase, the easier they will be to find. In my 45 years as a Broker and consultant, new buyer/investors can take up to a year or more to adjust their pricing expectations.
My main focus is hotel development and got involved with wrong partner on MHP. Good news is he has agreed to sell off and allow me to unwind.
Great Cash Flow High Income opportunity to add to any portfolio or just to get started in the mobile home park business
Edgetown MHP is an easy to operate property with low turnover and almost zero delinquent rents
The property includes 7.5 acres with 1 single-family home, contracts for 3 units in Lots 5, 7, and 14 and 22 slip mobile home park.
100% TOH Occupied.
No park owned homes.
Edgetown MHP is located in Newton, IA county of Jasper County.
Since 2004, more than $100 million has been invested in urban renewal projects, commercial development, and the new NASCAR Iowa Speedway all of which translate to community growth and vitality.
The population of Newton is approximately 15,000
Newton is located on I-80, 30 minutes east of Des Moines, IA which has a population of approximately 203,000
Major employers are Newton Community Schools, Skiff Medical Center, and TPI Iowa, a wind turbine blade manufacturer.
3044 Highway 14 N Newton, IA 50208
APN #1 - 0822151002
APN #2 - 0822151003
If you think the fit might be there please let me know.
I have a park in Texas if anyone is interested.