Posted by Tony Colella on January 24, 2006 at 09:07:33:
Bobbie,
This was one of the driving concerns we had as well. There is no way to tell in advance if a park is going to sell. Usually the negotiations between the park and a developer are kept hush-hush and take time for the actual sale to come to fruition.
Both Scott and I chose to find a way to better control the deals through buying or developing land/home packages (ironically the cash out of pocket when buying a land/home deal was no more than when buying a Lonnie deal). We then moved into small park investing. Controlling the deal is no longer a problem.
Posted by Greg (TN) on January 22, 2006 at 18:55:12:
Today I drove thru a park located just a few minutes from home. This place was once a nice thriving park but as I drove thru today I’m not sure I want to do business there. Over 50% of the mobiles look to be abandaned with windows broken out and the front doors standing wide open. I’ve also heard that there is alot of drug activity going on in the park. The park is also located on a stretch of highway that has been developing with new businesses in the last few years.
Now here is what is going thru my mind - The park has a new owner (he bought it a few years ago for $1 million+). I know he has tried to sell it to the owner of the park I have been working in for the last 1 1/2 years. I really don’t see how this guy can be making any money with so many vacant homes and the park as trashy as it is now. That makes me wonder if the owner was offered enough money by a developer if the owner would sell out and the park removed.
Now if the owner and manager of the park really tried to turn this park around by cleaning it up I think it could be a gold mine for me to work in.
I just wanted some one elses point of view before I make a decision to contact the manager or not.
Front page story in Oregon newspaper: Many mobile home parks are selling to developers. Residents are getting one year to move.
Because land has become so scare in our area, park owners are getting high prices for their parks from developers who come in and plant subdivisions.
I will be “approaching with caution” from now on when working a new park. How do I find out if the park is going to sell out to a developer??
Any advice or suggestions would be greatly appreciated.
Hey Greg,
This park sounds primed to be taken over by a developer. What is the difference if you speak to the manager or owner about the park? I would also inquire about purchasing the park? Sounds like the person who bought it does not know the park business.
