We are buying a 150 pad MHP with 60% vacancy in the midwest.
Can anyone recommend a professional off-site park management company who fill parks and keep them in ship shape?
Or any anti-recommendations on firms that we should stay away from?
Thanks in advance!
@johnd Im not aware of anyone offering this type of service and I might be weary of outsourcing this to a 3rd party. It sounds like you are looking for a turnkey investment but this type of deal will have many moving parts if you fill it up. This would be better suited for active hands on management or an equity partner or someone with an interest to get it to top performance.
Thats my take.
Local real estate companies will do it but your best bet is someone who lives in the park. Maybe someone semi retired or retired and has additional income.
The residents seem to listen more to someone in the park than an outside service and the outside service may only do the quick drive by once a week. Where as the manager will be there in his/her home practically all the time.
I’m the operations manager for Serene Communities. We specialize in Mobile Home Park management and value-add deals. We just finished filling one park (34 sites), filled another 200+ site park and sold for a 5 CAP late last year, and are filling an 87 site community as we speak (just picked up 5 homes we’re renovating). We’re licensed in construction, commercial brokerage, mobile home sales, and now home installation. It’s likely that our licensing doesn’t share reciprocity with other states, but our extensive knowledge in this industry is second to none.
I’m happy to talk with you about your opportunity; even if we aren’t able to provide our services, feel free to message me about best practices in filling parks.
Thank you all for your advice! I guess finding a partner who can be the boots on the ground seems to be the way to go…
@johnd Do you want to maybe share the details of the property, the board here could be a good spot to post. Id be interested to know the details.
My wife and I have purchased managing interests in other people’s mobile home parks in the past. We would be open to managing a park for your company if we can come up with the right agreement together.
In our experience, 3rd party managers don’t watch expenses as closely as we would like. Everyone says not to get a 3rd party manager, but with the right agreement where incentives are aligned I think it’s possible to form a great managing relationship where the manager watches the park as closely as the owners would.
Call or email anytime. You can view our management philosophy here: www.elkhorngroup.org.
[lease contact me firstname.lastname@example.org.
I have not worked with the following group but have spent extensive time conversing with them. I think their costs are high but they do a great job. Worth checking out: