Focus on one deal at a time?

[Hunter McDonald]

Hello all, I will try to keep this as tact as possible but there is a lot to take in consideration.

I have been trying to convince an elderly gentleman to sell his mobile home park to me for going on 6 months now. He has cancer and gets sick very often, my schedule is hectic, and we can rarely meet or talk on the phone. I also don't want to overwhelm him. But I am losing my patience with this potential deal and am wanting to move on to something different. I have been hunting for other mobile homes, lots, and parks in the mean time and have come across a few decent looking deals but nothing like the mobile home park that I've been asking about.

The park: I counted 36 lots, 9 vacant or have homes with no occupants, <20 minutes from down town, 5-8 minute drive from several schools local, several major companies as employers, and is an up and coming area. Last we spoke he mentioned selling for around $250,000, and is a short walk away from my duplex that I am house hacking.

How long should a deal like this take and when would be a good time to move on to something else? And in the mean time should I continue hunting other deals down? Mind you I am a full time college student also working full time with a child on the way.

I would love to hear some opinions on this. Thank you for your time, effort, and consideration.

[Ken Swearengen]

If it's a good deal and you have good rapport with the owner, I would stick with it. I know some owners who will tell you they spend years on relationship building so they can get deals like this. You may just have to diplomatically press him on it. Make him an offer, but also assure him how you're looking forward to taking care of the tenants and that his legacy will live on in the park. Just my two cents based on discussions I've had with other owner/operators.