Looking for suggestions. There is a local Land Owner who has an old MHP with all Vacant Lots. The MHP was in working condition, 6 months ago. The New Owner was not interested in having the older model mobile homes on the property. He tore down all mobiles. He has contacted me to see if I am interested in forming a Partnership with him to work toward filling his Park. Of course, he does not have time or MHP experience. Does anyone have any ideas? Thanks in advance.
SteelStampede,
You could look into becoming a mh dealer (depending on # of lots you have) or get in real good with the MH Dealers in your area to try to get them to fill your park.
Richard Stephens
The Park in question, is not my MHP. It is owned by someone else.
SteelStampede,
I guess I am missing the question, I was thinking you wanted to know ideas on how to fill the park. If you will try wording your question a little dif, I will give it another shot.
Richard Stephens
Thanks for your reply Richard. I will try to clarify what I am needing.
There is a local Land Owner who has an old MHP with all Vacant Lots. I do not own the MHP. He is not interested in selling the Park. He has contacted me to see if I am interested in forming a Partnership with him to work toward filling his Park. He has no MHP experience. I don’t want to work to fill his park and increase the property and then he decides to have mobile homes moved. I thought someone on the forum would possibly have a possible creative deal . Thanks in advance.
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See if the owner will give you a percentage of the lot rent for each spot you fill. He may want to put a time limit on it, but that’s ok. Your money will be made on the individual homes as you move them in.
Get a list of all the repo newer mobile homes from the various finance companies in you area. These usually need minor repairs and can be purchased at big discounts. Purchase them, fix them up, then move them to your MHP and sell them using creative financing. If you don’t have the cash to start, grab a money partner. Get your cash out plus some of the equity when you sell, carry a note for the balance, and do it again. Many of the people will cash you out immediately, but some will need help with the financing. You can be their hero while making small profits on each MH plus build a good monthly cash-flow. If they default, sell it again to someone else, get another down-payment, and raise the total purchase price.
I’m looking at buying an older 120 space MHP that has less than 50 units in place and this is what I plan to do. Hope it helps.