All Forum Posts by: Jeff Flynn

@Sonya Sharova I haven't personally done Frank Rolfes boot camp but I have heard it's great. Geographically speaking anything you could drive to and from in a day would be a great start. This isn't totally necessary, but meeting property owners if you need to is a great way to win a deal

@Marc Robinson numbers wise they will always appear to work. But then their is the real world aspect and they just don't pan out.  The only solution I see is connecting them to city sewer which won't work 95% of the time.

I have know a few park owners with large enough lagoons that they convinced the city to take over the lagoon so the city could have more sewer capacity for other areas. This could be a way to make it work because your park is suddenly on city water and city sewer

@Marc Robinson if it is on a lagoon I would pass on it based on that alone. When I worked as an MHP broker, if the park was on a lagoon, I could never find a buyer no matter how low the price got. 

The is fear among the industry the EPA could come in and force you to shut the lagoon down. Whether it’s true or not doesn’t matter as much as the fact that the industry at large believes it’s true. I think you should pass on this

Donald, MHP development is incredibly rare. In the few markets where the demand and markets support this, it’s likely that the municipalities will fight you tooth and nail. 

Most cities don’t want a mobile home park in their city limits because the tenants take more money out of the tax system than they contribute. Even in towns where they desperately need affordable house if, they can’t get over the stigma of MHPs.

The other issue you’ll run into is highest and best use. I’ve run the numbers on several different MHP development opportunities and I have always found an RV Park would be worth more on the same land for the same cost usually. In other words, if you can get it going, you are taking a lot of risk to build something that isn’t the most valuable thing you could build

Fred, something to look out for is if this depreciation clock resets with the new administration in office. 2025 it went to 40% but the benefit would obviously be much higher if it goes back up to 100%. 

Quote from @Sonya Sharova:

HI,

I am interested in investing in ground up mobile home parks development in Florida and Texas. I am looking for advice from people who have done this in the past. Would greatly appreciate advise on how to start sourcing the land and/or connect me to land brokers who can help.

Thank you in advance!

Sonya, this is going to be insanely difficult. Finding a potential lot won’t be hard but getting a local municipality to give you the green light to build an MHP is going to be next to impossible. I think with the time you’ll spend working on this, you could find 2-3 existing parks to buy in the meantime and not need to take anywhere near the same risk

Janine, I have had a lot of trouble with mobile home park on-site managers. I highly recommend managing it remotely if possible. Otherwise I think 1099 is cleaner. 

Sam, a property this size falls into a very weird situation where it’s not an individual mobile home but it’s not really big enough to be considered a park. 

With investing in MHPs you always need to think of who you’re end buyer would be. Regardless of the price you pay, you likely won’t ever be able to find an MHP investor who wants this so you might get stuck with it.  If I were you I would run from this deal.  $360k is massively overpriced for what it is.