I need advice on how to present a new listing to developers or investors

[Joshua Daniels]

I have recently acquired a listing for a manufactured home park. The property is in prime location, and has serious potential. The problem is that the property has not been managed to its full potential (otherwise this place would definitely sell itself). If you were a developer/investor that I was trying to market this property to, what things would you want to know? What specifics will keep me ahead of the game, and get you the information you need quickly. I have not had a listing like this before, but I think it could be a very good opportunity to expand my market/skillset. I'm looking for advice, from the bp community, on how to best market/understand the property I am listing. This will be supplemental to my own research.

Thanks,

Josh

[Marc Faulkner]

You can't buy them on the potential because it takes blood, sweat and money to get there. An investor is going to want to know how many lots there are and how many have manufactured homes in place with paying tenants? Do the mobile homes come with the park or are they individually owned? How much lot rent is being charged and what does the lot rent include? What is the collection rate? Is it on city water and sewer? What is the condition of the roads and other infrastructure? What are all of the expenses. What is going on in the local rental market? What can you rent a 3 bed room apartment for in the area and is there demand for them? What is the reputation of the park locally and is it a desirable area?

For the most part the only way to increase the occupancy rate towards the potential is going to involve bringing in units to fill the empty spaces and then selling or renting these units. You can;t expect that folks will just magically wish to move a unit in there- in this market. Financing for manufactured homes in parks is virtually nil, so it is cost intensive to find and bring in units and there are few cash buyers so you will have to rent or carry the financing costs as well.