What's the best way to I find a MH park investor - Posted by Jim Dubin

Posted by Chuck on July 04, 2002 at 14:10:42:


You’ll notice that the very first link on that page is actually a link back to this forum and a post by me. That post contains a link that takes to to all the posts in the CREOnline Archives that have relivance.

Try the search engines people, they work.

Having said that, here’s the link your ultimately looking for… http://www.mobilehomepark.com/community.htm

What’s the best way to I find a MH park investor - Posted by Jim Dubin

Posted by Jim Dubin on July 04, 2002 at 11:40:07:

I have just optioned 126 acres of land in an area of no zoning. Also has a large steel building, barn, brick home, garages, and a two acre spring fed lake,The price was right, but I still don’t have quite enough to swing it, much less have anything for development, i.e., engineering firm, surveying, package plant, water plant,equipment (small dozer, mini-excavator, etc.). The land is cheap enough, I think, to allow for one acre subdivided lots which could be land leased (Then Lonnie deals)–but I would rather do an actual four-per-acre over 55 “from scratch” MH Park development in four 25-acre stages.

Among other things, I have an Accounting degree, have done landscape design & installation, concrete, brick, block, carpentry, etc., AND for eight months of the year have very flexible hours, so I could do a lot of the work, along with family. I’d like to attract at least enough money to pay the engineering, survey, and set up the package plant.

Any suggestions on the best way to proceed?

Jim in Ohio

Finding park investors - Posted by Ernest Tew

Posted by Ernest Tew on July 05, 2002 at 08:53:44:

Jim, while I don’t like to discourage people who want to do business, you may find it difficult to get people who will invest in a park development.

It is a very risky venture, especially for someone without the experience or capital to see it through. Restricting your customers to adults age 55 or older (and without children?) could eliminate up to 90% of your market.

Keep in mind that it will take a minimum of 18 months to develop a park, at which time you will incur additional operating expenses (and probably mortgage payments) while vacancies are at 100%.

I have seen parks of this type take up to ten years to reach the break-even point. Retirees spend a lot of time looking and comparing and are very slow to make the final move. Needless to say, you could need a lot of capital to carry the property until it breaks even.

If you would like to discuss it further, please give me a call at (352) 475-1280.