MHP Acquisition

Is anyone out there in MHU land looking at community purchases this year?

It seems really quiet considering the current buyers market we are experiencing. I would love to talk about some deals. I cant find the community I want, but I would love to hear of someone elses success. Come on tell me about some deals.

Rick Ewens

Hey Rick,

I’m surprised there aren’t more replies on this topic. I am most definitely in the market for another park (or two or three). The market will continue to be ripe for buyers.

With that said, dealing with banks and financing has been an absolute nightmare. In talking with several brokers there have been many quality offers/buyers who just could not get the financing needed to close deals.

The key will be to get private financing to back up the buyer. It sounds like you have a good beat on that aspect already so you will undoubtedly be able to pounce once you find the correct deal.


Post Edited (04-14-11 21:00)

I am really glad for all your success Dale you seem to be knocking them dead with great deals. It would be great if you could show us all how you have so much success. I am sure that my long distance business management model is one reason I havent found a new property. I dont relocate to operate or manage my businesses. I dont live in my communities or even near by. I prefer not to work in the community either if possible. I have found many ok deals on 100 space or less communities that would probably be good enough for the owner that wants to do a lot of work himself. My trophy will be found. Patience, Patience

Successful Investing To All

Post Edited (04-14-11 21:06)

Dale your post regarding the sale of your MHP is a thought provoking one. Would you share with us a bit of your insight and opinion as to the causes for your ability to sell at what sounds like was a substantial premium over what Rick had estimated? Was your property unique in its market? Do you consider the basic rule of thumb valuations touted within this forum to be flawed? Or, did you make a better presentation of your property than is typical?

I would like to hear about Dales great deals also, but all I hear is how difficult it is to get financing. The details of acquisitions and sales are what we all want. This is an educational forum and I personally would love to learn more about other investor

Post Edited (04-14-11 21:09)


Thanks for the information. WOW those monthly cash flow increases are fantastic. I have experienced the same in Burlington going from $12k per month to $33+K over a 3 year period and we have a long way to go, because we are still just 50% occupied. We also moved $25K per year to the bottom line by passing the water and sewer bill through to the tenants. I am curious when you buy a property are you concerned about ROI from month #1. Do you seperate the rental home income and expense (rent to own/ lease to own) from the lot rental income and expense? If so what are your average repairs costing on park owned homes when you evict or lose a tenant? When I analyze a deal I look for all the upside I can find but I try to make my ultimate offer based on existing cash flow as though it is not going to change. I also want ROI from day #1. Based on your post our cash flow and value amplification methods are basically the same. Where I think we differ is in our initial valuation of the property. Sounds like your method is working well for you.

Rick Ewens

Post Edited (04-14-11 20:59)


I’m impressed with your numbers. It is also apparent that you put additional $$ into the park in rehabbing the homes. This may be Rick’s point. How much of that $19K per month extra from the bill-back goes into rehabbing homes.


Post Edited (04-14-11 20:57)

Dale your business model is different than mine. FANTASTIC because it works for you. This should show newer investors that 1 shoe doesnt fit everyone. Business investment models vary like people. I personally want return to me from ownership day#1. The capital needed to get the business stabalized will be available pre purchase in my business model.


My current MHP expansion project in Oklahoma should be complete this summer, and I’ll need a new property to keep me busy and off the streets. :slight_smile:

I am looking to raise money and again be an entrepreneur and turn around another MHP. I may also have a limited amount of cash to invest, but I am primarily looking to connect with a financial partner; I will provide the labor and knowledge and investment leadership.

If you are interested, please contact me.

Many thanks,


I recently found a new web site that I’m using to search for parks for sale at -

Investors can save searches and get e-mail updates on the properties they want to follow. The listing inventory is fully searchable AND Sellers list parks for sale at no cost.

Ok Rick,

So my LOI for a short sale on a park was approved by the seller and lender. We are close to finalizing the contract. I wont jinx the deal just yet and publish details. I am very confident in the deal but the biggest open issue I have is the ability to get financing on this deal. That will be the my biggest hurdle.

More information to come. But if anyone has leads on firms still getting loans done please list them. They are hard to find these days.

Challenges ahead but I am firmly intent this will get done. There are great opportunities out there.


Fantastic Howard

I hope you got it so cheap that you cant go wrong. You have the experience now so I am sure you made a great deal. Way to go and best of luck to you.

P.S. Financing = I never know from day to day myself about the financing scenario. I am financed with Clayton Bank and Trust out of Knoxville TN.

They gave me all the financial tools to do the job with in my community.

Try the lending connections on all the web sites we frequent and see what happens.

Successful Investing To You



I closed 3 deals in 2009, very difficult. I, like Rick, was very fortunate to get financed with Clayton Bank and Trust. They are one of the few who understand what we are facing and provide us the resources needed to be successful. I would definently try them first. I also had good success with a Private $ group out of MO. They are an asset based lender, so terms are definently not great long term, but they are great to work with and did perform. If you need a Bridge type loan to close a great deal that you’ll be able to get long term financing for after acquistion I would recommend them. If you find yourself in that situation let me know and I’ll get your their info.

Best of luck to you.

Post Edited (01-26-10 19:46)

Thanks Ben and Rick,

I will definitely try Clayton Bank and maybe the private group in MO.

If you are ok with sharing contact info I would appreciate it. You can email me privately.


Post Edited (04-14-11 20:52)