Q & A Series: How You Identify Potential Purchases

[Logan M.]

• -Researching Market Trends: Analyzing current market trends and identifying potential areas for investment.
• a. This would first be a macro view of markets then zooming into more micro trends.
• b. When looking at states to invest I would look at their governing policies and how landlord friendly they are or are not.
• c. I also believe in strong growing metros. I am considering branching outside of Utah for some apartment complex purchases and this is a major factor in my location criteria. If you have a strong Metro it can make up for a lot of other less appealing factors.
• -Setting Criteria: Defining specific criteria such as location, property type, Financing Options (Including Seller financing), and comfort level to narrow down options.
• a. We talked about location above but what I will add is that as a community owner, you have to know how you are going to manage your property and location is a major factor in this.
• b. When I say property type I am specifically referring to knowing the size of the park you want, what utility configurations you are willing to deal with, TOHs vs POHs etc.
• c. Your risk tolerance is going to be huge, I have had a few projects that were uncomfortable for me to work through and I would have gone about them differently knowing what I know now.
• -Networking: Building connections with real estate agents, property developers, and other industry professionals for insider information.
• a. If you build a database of other investors you will find parks. Especially, if you are talking to other owners, we know each other.
• -Online Platforms: Exploring online platforms, real estate websites, and social media for property listings.
• a. Every day I do a quick search on the MLS, Loopnet, KSL (Like CraigsList), Mobile Home Park Store, and Facebook Marketplace. The image below is the Google Task I have set up. I like doing hyperlinks it allows me to review the different sources in about 3 minutes a day=
  
• b. I have found parks in many different ways but so far I have bought 2 from the MLS.
• c. The most creative way I have found a park was by calling all of the owners who were mentioned as comparables on an appraisal I had done.
• Shout out to @Michael Smythe for the question.