Posted by Alfredo on June 22, 2006 at 22:04:25:
I am just getting into MHP’s and have been fortunate enough to find a group of guys who are working with one of the gurus in the industry. This guy has sold 100’s of parks. In fact, they are looking at a 5 park cluster in Michighan which promises to generate some great cash flow. If you’re interested, email me and we can talk about what’s happening with them.
Alfredo
Considering MHP, understanding a good deal for me? - Posted by MB_GA
Posted by MB_GA on June 22, 2006 at 11:38:46:
I have been searching through the archives of previous posts that touch on profitable versus “okay” MHP deals. I already own several courses and MHP evaluator.
I want to get an understanding of when the numbers are right, the setup is acceptable, how do I judge if the deal is good for me?
I was looking at this one park that has the potential for 18 lots, less than half are MH ready and 2-3 are occupied with another 2 homes that need to be replaced. Asking price is right under 100k. Takes under $700/yr monthly expresses LISTED at $200/mo.
My concerns. BIG deals are great but I truly want to start “small”. My plans would be to do “lonnie” deals on the lots that can be filled immediately. After cash flow has increased, I would perform additional work to get the remaining lots up to code to put homes up there. Plus lots are currently dirt; maybe considering paving once all lots are filled…
The lot rent is around avg under $100 month, but owner said since did not improve property the rent was not increased.
The location is about an hours outside of a major town. Personally don’t know much about the area though but can certainly travel by car…
Sorry the post is so scattered… Excuse the typos… And YES, I am still reading the archives ( smile )
understanding a good deal for me? - Posted by Anne_ND
Posted by Anne_ND on June 23, 2006 at 20:51:57:
Marteen,
Pencil out the numbers to see if this park will work for you. It’s critical to understand the local economy- homework is necessary for this, but it’s not too hard to find the right data.
Small deals (not sure I’d call this small BTW) can still make you good money- just be sure you know how you’ll fill those vacant lots. You say you’ll Lonnie deal them- does that mean you are expecting people to bring their homes into your park- or will you be moving new/used MHs into the park? If so, where will you get them? In GA you should probably plan to spend $15-$20K per home, including move-in.
If you make an offer on this park I strongly urge you to go to Tony’s bootcamp in August, you’ll get great help evaluating the deal, and getting to see the parks is really invaluable.
good luck,
Anne