Want to own a mobile home park, but where to start?

[Jose Ramos]

My wife and I have been flipping mobile homes and we want to own a park. Where do we start? Where do I find parks for sale? What should I know going into this? Joe

[JC K.]

For me, the best way to learn is to go thru the motions. I suggest doing this even if you aren't exactly ready to buy a park. Try not to spend money in doing so.  Don't fall in love with your first deal. 

I would also encourage you to setup some goals and time frames such as:

0 to 3 months:

Study all the free info online 

Practice valuing parks 

Contact all local park owners

Get your down payment ready

Start a MHP data base

3 to 6 months:

Expand your geographical market

Send mailers, make cold calls

Define your ideal park

Write your first LOI

Perform due diligence on one park without spending money (or spend little)

Develop a financial plan

Meet with lenders

6 to 9 months

Continue making offers and hope to close on one park.

...

Double cap rate in one year

Buy another park and repeat

Retire from your job

Write a book about your success 

Travel the world,

Run for mayor