Finding your first mobile home park to buy

[Patrick Truhlar]

Hello fellow MHP investors!

Went to Frank and Dave's bootcamp in Austin a year or so ago. Been busy on raising capital for an M&A rollup in another sector so delayed beginning to invest in this space. Looking at beginning to search for assets to buy. Unlike other buyers I am likely more interested in fairly high-quality assets that are already running fairly well. Don't need to put the absolute minimum down, etc. Just want to begin building (near) "passive" monthly income. I am sure you have to work a good bit to unearth the value plays, but how hard is it to just buy a 100+ lot park on CW&CS if you are wiling to pay a market rate for the asset and can qualify for the financing that is generally available? Biggest concerns/priorities are (1) losing money on a bad deal; (2) MHP competing for my time in the other deal I am working in (outside the real estate sector). (And don't get me wrong, an easier value play would be great, but it is a time/resource allocation issue over the next 5 years or so).

Thanks for your input folks. Hopefully I will be speaking with some of you in the coming months and years as I build a position in the space. If the question is too basic I apologize in advance. Just wanted to get a sense for how difficult it is to put some capital to work.

Thanks for the time and consideration,

Patrick