I wish our industry would work together more for the benefit of all, but for some reason that business practice/ethic got swept under the rug. In my world of operation which is constant park infill I need the mobile home manufactures, repo dealers and lenders. I know there has been many posts written about the need for the above.
Good for you though you were owed the money.
Our Burlington community is doing fine. We gain a few we lose a few, but at the end of the day it is a net gain. No complaints.
I have been putting together a 380 space acquisition that is set to close October 15th. It has gone well, but it is still taking 4 + months to complete. We had 60 days of contract negotiation alone, which basically involved rewriting the sellers 64 pages of lawyer saturated, one sided contractual trash. The seller is a big corporate entity so I will leave it at that. With that aside I love the deal and can
Congrats on this deal. Sounds like a lot of sweat equity into this one, but it will be worth it. I know you have been real patient in finding your next deal. I would love to hear more about the the park and all your stories leading up to the deal as well after you take over. I think you like infill deals and I presume that this one is similar?
I also recently acquired another park (3rd) and am actively turning this one around. Am actually onsite for a while to turn but it should be well worth it. Like you, this one took over 6 months to go through.
I agree with you that in these times, there will be some great deals if you remain patient, determined and focused.
Turnaround large infill parks are no longer on my radar. The availabilty of repos and the massive capital requirements put that business plan in the round file for awhile. There are plenty of quality communities available that have 75+% occupancy with good demographics. That is my focus now. I had a rich Jewish man tell me once that success is sometimes more about how fast you can adjust to a changing business environment than anything else. As we all know times are changing and business as we knew it is changing daily.
The Burlington infill project is doing fine. Thank god it made money when we purchased it. If we would have bet on infill to make money we would have problems.
Nice to hear from you and best of luck in your new ventures also.