When starting your search to buy a mobile home park there are several ways to do this. I would suggest trying each of these as they will all give you a different perspective and comparables to evaluate. Then when you find the park that seems to fit, you will have the knowledge and be able to move quickly. If you wait too long, you will most likely find out it is under contact. So it is best to be ready when the time comes.
When you are searching for a mobile home park to purchase, it is often the park or deal that is least advertised that may represent the best deals. Warwick Mobile Home Community – Newport News mobile homes for sale is one of the authority sites on this topic.
Here are a few potential ways to find properties:
on average we are adding over 80 new properties for sale to the website each and every month. Of these new listings, I would estimate that about 20% of them are reasonably priced and will sell quickly. About 30% are of the listings are borderline and may sit on the site for a few months but will sell within 6 months to a year. The other 50% are overpriced and/or not currently viable projects due to a bad local market or other factors. It is the first 20% that most of you will be looking for. The best way to stay updated on new properties for sale is to join our early investor list. You receive all the new listings by email 48 hours before they hit the site. As soon as I receive the listing, it is immediately sent out to this list of investors.
The benefits of being on this list is twofold: one you get emailed all the listings and you start seeing what parks are listed for and can usually tell which parks are worth following up on quickly. The other benefit is that you will see the listings 48 hours before the general public and are able to get a conversation going with the Seller before he is inundated with all those calls once it is posted on the site.
2. Other Websites:
Loopnet.com, CIMLS.com, Real Estate Company Websites, Business Brokerage Websites, and numerous other similar sites: I purchased a mobile home park in 2006 that was listed on a Business For Sale web site that had been on there for 6 months. I know that if it had been on mobilehomeparkstore or loopnet it would have been sold long before that. It is worth checking out some of these other websites that do not have a big mobile home park investor following.
3. Google Web Searches:
We are always doing these searches looking for new parks for sale to promote mobilehomeparkstore to. Every once in a while there will be a good potential deal listed for sale down about 20 or 30 pages in the search results.
4. Contact Real Estate Brokers that specialize in selling Mobile Home Parks:
These are the professionals that are out there every day trying to get parks listed for sale and will often have pocket listings or listings that they cannot otherwise advertise. I would contact any broker that does business in areas you are looking and be very specific about what you are looking for. It is good to stay in touch with them on a regular basis so when they get a new listing they will think about you if it meets your criteria.
5. Contact other Real Estate Brokers that are in areas that you are looking for properties:
It is amazing how many mobile home parks are listed by brokers that have no idea how to value a park, how to market a park for sale, and where to find a buyer for the park. If you are looking for a mobile home park for sale in a certain state or city, I would find all the brokers you can in these areas and send them an email asking them if they have any mobile home parks for sale or if they know of any. The ones that reply to you with an offer to keep an eye out for you will be the ones that you will follow up with on a regular basis.
6. Direct Mail:
I have been using this method in various forms over the years and have purchased many parks this way. In setting up your direct mail campaign, you will want to set yourself apart from the other companies and individuals that send out massive amounts of mail to the park owners/managers. Here are just a few ideas that I have used in the past:
a. Make your mailing piece stand out from the rest of the competitors.
b. Identify yourself as a real person, not some LLC without an identity.
c. Incorporate useful information in the mailing so that it will be retained by the owner. I continue to get calls from mailings I sent out several years ago from owners that kept my postcard.
d. Possibly include magnets, notepads, or other useful gadgets with your phone number on them that will be right in front of the owner when they decide to sell.
In addition, any direct mail campaign should include more than one contact to each recipient. Anywhere from 3-5 contacts per year should be made in order to keep you and your company in front of the potential sellers. I like to switch it up by varying the mailings to include different letters, postcards, etc so it is not the same piece each and every time.
Another important part of the direct mail process is that you have to get a good list of prospects with which to mail to. The best way to do this is to purchase an existing list like the one we have on our site or with a list service such as infousa.com and then work on building it to fit your needs.