How to Find Opportunities in a Mobile Home Park Waterbury CT
William Raveis Real Estate
Member of Real Estate Staging Association
How to Find Opportunities in a Mobile Home Park
It is not as difficult to find mobile home park investments as it may first appear. There are several easy and some more creative ways to find these opportunities. When I first started in the business about 12 years ago, there were fewer options today. Now the internet dominates as the medium for first locating and evaluating properties. However, there are other creative ways to look for mobile home opportunities that offer less competition. Here are some of the tried and true methods I have used in the past to locate mobile home park investments.
Do some internet research
The easiest place to start is by checking out the websites that have listings of mobile home parks for sale. There are several out there that offer thousands of opportunities, including mobilehomeparkstore.com , loopnet.com and cimls.com . There are new parks listed daily on these sites and the best way to utilize these services is to sign up for notification of new properties for sale. This way, you have a better chance of jumping on the good deals before they are available to the general public.
I have purchased over 50 mobile home parks over the past 12 years and about 15 of those purchases came as a direct result of listings on the internet.
Try a direct mail campaign
The next strategy that I would suggest is to start a direct mail campaign to mobile home parks that are in the markets and states in which you are interested. This has accounted for about 20 of my 50 mobile home park purchases. If you obtain a good list of addresses, you can target mobile home parks with a certain number of spaces in select markets expressing your interest in purchasing a mobile home park.
I have experimented with postcards, letters and even actual purchase contracts, and I have found that the response is about the same for each of these. The key has not been in the type of document, but in the frequency of mailing. I have received many calls from mobile home park owners saying that they have received our numerous mailings over the years, and that they are giving us first shot at the park since they know that we are a legitimate company. I actually had one seller pull out a file containing over 25 mailings from us. In another instance I mailed out 1,000 letters to two states expressing our interest in buying mobile home parks. I followed this up about 2 weeks later with the same mailing piece (in error), and found that my response rate was about 100% higher from the second mailing. The keys with direct mail are a good mailing list and frequency.
Go for a drive
Drive through mobile home parks in markets of interest. Talk with the onsite manager/owner, or follow up with cold calls or letters to parks that you would be interested in owning. The advantage of this method is that you see the park before you start any communication with the owner, and dealing with someone that made the effort to see the park first will give the owner a level of com...