I am hoping to get some advice from the sages of the forum on starting my originations process. Although I live in California, I am willing to travel to find parks that I can buy and improve through more efficient management. While I have been in real estate for more than 15 years, I realize that originations are not my strength so any and all advice is welcome.
While learning about park underwriting and management, I have been watching deals and as advertised, California parks don’t seem to offer a compelling return. I am happy to travel as I have owned property out of state before. The question is if I am starting to look out of state, does anyone have advice as to where? My original thought was anywhere west of Colorado, but I am wondering if people think this is too broad and I should focus on a state or smaller region? I do have someone who will be helping me manage the process so I am not a one man show as it relates to trying to process information.
If it helps to have some scope, I am looking for parks that have more than 40 lots and want to be able to add value through better management, capital improvements and filling vacancies. So far I have been reviewing deals on the MHPS website and Loopnet, and have been contacting brokers. But I am looking in 10 states and am not sure if this is better than getting to know one or two areas really well. What do you think?
Also, if anyone has other tips on finding deals, please send them along. I have capital on the sidelines and am ready to go for the right opportunity. Finally, I am open to conversations on the subject if anyone has the time so please feel free to email me at email@example.com