Out of town ownership

mobile home university
1

Hello,

I just discovered the site. Seems to have some good info.

I am wondering what the some of you think about owning out of town parks?

I live where available parks for sale are always several miles away.

Anywhere from 1 to 2 1/2 hours travel time.

Looking for input,

Les

2

Les,

I think that with a good manager in place out of town ownership is ok. I have several mobile home parks that are “turn key” (75% - 80% occupied) and it works great from 2,000 miles away. I have another park that is 2,000 miles away and is a turn around project. I currently have an onsite manager but have not achieved the results that I would like.

For a turn around project that you cannot go to once a week I would look at doing a joint venture with an “entrepreneur”. The entrepreneur would put a small amount of money into the deal but bring their sweat equity to the table in return for a piece of the ownership. Ernest and Steve have done this on many parks and it has worked beautifully.

Corey