Buying a Mobile Home Park
Buying a Mobile Home Park
If you’re new to buying a Mobile Home Park, then you’re probably feeling a little overwhelmed. And if you’re not new to this, you likely have a healthy respect for the intricacies of the MHP business. MHPs are a unique breed, not like any other type of real estate, so old lessons don’t necessarily apply. You may be overly cautious because of your uncertainty, and this could be costing you deals. That’s where having a professional team in your corner comes in.
CCI Investments is a nationwide MHP consulting firm. We’ve done hundreds of parks over the years, and are currently overseeing the operations and/or turn-arounds of nearly 90 parks in 18 states. We can help you too.
We can help you with the critical decisions you are facing:
1.) Analysis of the property and the deal you’re considering
2.) Bring you additional MHPs to consider
3.) Advice on negotiating a proper purchase agreement
4.) Conducting your Due Diligence
5.) Designing an Operational Plan for the park (how it should be run)
6.) Designing a Turn-Around Plan (what the turn-around will look like)
7.) Acquiring financing
8.) Taking over the park once you own it
9.) Ongoing Operations and Management
11.) Doing the Turn-Around (extracting that Upside Potential)
12.) We do it all! Anything to do with buying a mobile home park, or running one.
We work with first-timers and seasoned investors alike. Even the experienced old-timers in the MHP business hire professionals to run their parks. Remember, investing is supposed to be passive; you don’t need another job. You have enough to do with your own life, family, career, hobbies, etc. And this is often the undoing of do-it-yourself MHP owner/managers. They’re plenty smart enough, and they have the skills, they’re just to busy and distracted with the other areas of their life to be on top of the MHP all the time. And you have to be on it all the time if you want to be successful.
I learned this lesson myself running my first four parks. I like to think I’m pretty good, but I’m also being pulled in many directions by all the other demands of life. If you tell our Onsite Manager to do a certain task, then you never follow up with him again about it, never verify that it was done, you are literally training him/her that you don’t follow up. Not a good thing. When CCI Investments opened our Operational Division in 2006, I quickly handed the job over to our able staff, and I pay for their services just like any other client. However, they’re on top of it all the time, layers of people, many sets of eyeballs watching my parks, following up to make sure things get done, verifying what we’re being told. They do a much better job than I did myself, because it’s all they do (5 days a week), and they’re not just good at it, they’re dedicated.
Please feel free to call me any time, with your questions or for some free advice. No cost, no obligation, just good information about MHPs that you won’t find anywhere else. Call Andy Tallone at (925) 323-2134 or email me at email me.