Mobile Home Park Investing
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated about 5 years ago,
Focus on one deal at a time?
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.