Re: Deal Makers Guide to MHPs - Posted by Jeffrey, ILMI
Posted by Jeffrey, ILMI on December 08, 2000 at 18:22:06:
I have The DealMakers Guide to Mobile Home Parks by Ray. I have found it useful.
My background is in commercial real estate, and recently I decided to very actively seek to acquire (a) mobile home park(s). I looked at one seriously before ordering the book, and have looked at several since. I have made use of the material in my search, and am sure that if/when I do purchase a park, it will save me lots of time.
Ray seems to be very competent and writes well. While I do not consider the book to be an in depth step by step course for the novice investor, there is no question you are better off with the book than without it. Just a couple of the ideas can easily save you many times the cost of the course. He does even offer some ideas on how to gain control with little or no money down such as master lease, although this is not covered in great detail.
To me, the material will hopefully help me avoid making expensive mistakes. Ray stresses the importance of Due Diligence throughout the entire acquisition process, pointing out several pitfalls (such as…check out how many pads the park is really licensed to have, among many others) and how to avoid them.
By the way, Ray advocates upgrading your park, and discourages filling your park up with obsolete homes. If you own the park you must consider the effect of each Lonnie deal on the overall long term value of the park.