How did you find your Mobile Home Parks and how'd they turn out?

[Marshall M.]

So let's hear it - how'd you find your best, average and worst mobile home park deals? 

[Frank Rolfe]

We own over 170 parks and our best park came from a broker (bought it for around $9.5 million and sold it less than three years later for around $19 million), our average park comes from a combination of brokers, on-line listings, cold calls and direct mail, and our worst park deal came from an REO foreclosure sale. The whole key is volume. The more offers you make, the more deals you find, and some percentage of those end up under contract and surviving due diligence.