Hello, brand new to the community and wanted to share this win. I have been working with the seller on an LOI over the last week and a half, going back and forth on terms, and we are finally putting the contract together. At acquisition it sits at 9.5% Cap. All TOH's The value add is 6 open spaces and way below market rents. Working on due diligence first, then the value-add play. Goal is completion with infill and rent stabilization in the next 12 months. I gotta say, it is exciting and terrifying at the same time. 😬

Hello Friends! Looking for a little guidance here. I am in negotiations on an LOI. The seller is pretty adamant about conveying the LLC that currently owns the park. I have always thought this was a bad idea, not knowing what potential litigations could be following that entity. Is this a normal thing in the MHP space?

I'm excited to be in the group!! I am a licensed real estate agent/broker in Idaho and Washington. I have been in the real estate space for 26 years. The MHP asset class is pretty new to me as an investor. Although I have flipped several (mobile homes, not parks) over the years, I never thought I could buy one. Learning from podcasts and several others that have been acquiring parks, I now realize it is a very tangible asset class to own. Looking forward to meeting people in here and learning as much as I can. Oh, and also, I am currently in negotiations on an LOI for a park in FL. Should have that ironed out today. Cheers!!!

I finally did it. I closed on my first mobile home park in Nebraska. Multiple offers sent, in and out of contract on several deals, two extended closing dates… and I finally did it. Wild journey… lots of failures along the way that I’ll share more about… but I did it. And raised 100% of the capital needed. I couldn’t be more proud. Huge thanks to @Ryan Narus and @Michael Pansolini for their mentorship program, community, and most of all their friendship. Park #2 is not too far away…

A guy who buys and sells used manufactured homes is planning to bring a home into my park. I will need to approve the tenant/buyer that he brings in. He says the home was built in the 70's. Is the age of the home a concern? Is there anything else I need to look out for?