The MHPs I have bought have been at the right price. I get them for not much more than the land is worth. That way, the bank doesn't collateralize the POHs. I can then sell them without the bank caring at all. One time we sold the POHs and paid off the bank. Doing this is not as hard as you might think. Many mom-and-pop MHPs dont show the income. They try and "get away" without paying taxes by receiving the rent in cash. I'm not an IRS agent so I dont care about this. That is between them and the IRS. I do show the owner that I can't buy it at the price they are asking for. They dont show any income so the bank doesn't recognize any income. Even though, not so secretly, they know it is there. They just wont let you know they know. Every park I have bought has been at or slightly above the land costs.
Everyone tells you to get a park that has 100 spaces or more. I get that. It makes sense. But what if you could get a park for 250k, turn it around in less than 8 months, and it appraises for 650k? Would you do it? Could you turn that into a 1 large (or three more small) park(s)? If people need low-income housing, then why do they need to live in large parks only?
I have and bought @Frank Rolfe system. It was after I bought my first 2 parks though. It is very much worth the money even if you have parks already. Frank is a very good businessman. There is a lot to learn there and well worth the money. But sometimes you need to think outside the box. No shame in that at all.
