All Forum Posts by: Mark Rickert

Criteria for mhp''s vary by investor. Some investors feel that such a small park, both of them does not make economic and ROI sense most of the time. 75 spaces and up, no septic or wells, few POH''s close to an area with a wal-mart within a short drive, and an area that needs affordable housing makes most sense to pursue, and complete due diligence on. Probably not what you wanted to hear but hope the information is helpful. Good luck.

What state are you in?  Depends on your state but most states treat mobile homes as personal property, titled like a car, this depending on a number of factors. For example, has it ever been moved since it was set?  Check your state. Also, there may be redtrictions on how many you can sell per year, and definitely restrictions on owner financing if you plan on offering that. 

Hope that helps.

Mark Rickert

We are partial to Mobile Home parks and migh suggest learning a bit more about them if this is of interest to you, then join your local manufactured home industry association in your area.  You will meet the park owners and network.  Learn to read the financials/numbers on what a good deal is, and is not.  You can maximize your investment by purchasing a, "toad" to some and, "gold" to others with a keen eye to excellent cash-flow, if the right park is found.  There are plenty out there, and even some with mom/pop owner financing.  Expect that those types of deals won't always have perfectly kept books so you will have to become a detective during the due-diligence phase. 

There is a good book "Investors Guide To Buying A Mobile Home Park" author - Laura Cochran

If you choose a fixNflip residential strategy there is a good book "Millionaire Real Estate Investory" by Gary Keller, (Founder of Keller Williams Realty), and Dave Jenks, Jay Papassan.  

No matter, Bigger Pockets is a great resource for us all! 

Good luck to you!!!

Sorry for the delay in responding and not sure the topic is still live.  In any event, their is a lot of good information from the group.  I wanted to bring up the following.  During the due diligence phase one should understand how many park-owned homes are on the books, if any.  This will have a significant impact on valuations of the park.  Assessments need to be reviewed, current on taxes?  Amount of taxes per year? Length of time tenants have been in the park?  How many tenants owe back rents, if any?  Check with police about how many times they have been called to the park, if ever so you know the crime for the area, park.  Comps on other parks in the area?  Upside for rent increases?  Rent increase history? Vendors used in the park for the past years for plumbing, road repair, etc.  Current managers and deal worked out with them, if any.  What are their responsibilities?  Market stats.  For example:  Schools in the area, shopping nearby and convenient to other services?  Visit with local mobile home dealers to see if you can work a deal to fill empty spaces in the park with them.  Also, how their sales have been for the local market?  This gives you an idea for the MH market necessary to fill vacant spaces.  You should review the rent rolls for the past couple of years on a per space basis as well as expenses and the details of those expenditures.  

Hi Joe...Heading to Albuquerque Market Center.  Alice and Stephanie.  What office are you out of?

Hello fellow real estate investors and friends!

My name is Mark Rickert and my wife and I are investors in mobile home parks.  We live in New Mexico and are nearing becoming real estate agents where we have affiliated with Keller Williams in Albuquerque.  We also are international real estate agents working with Association of Realtors in Costa Rica as we market properties in Costa Rica.