The
MANUFACTURED HOUSING GLOBAL NETWORK
Home     Privacy & Security     Contact Us    
 
What do you want to know about manufactured housing?
Manufactured Housing Web Search
Home Search     Forum Search     Business Search    


Financing   Buy A Home Sell A Home Repair & Renovation Free Classifieds   Forums Books Insurance

Mobile Home Park Investing Statesville NC

There are many reasons to buy a mobile home park. For one, there are virtually no new ones that can ever be built, effectively capping supply.

AutoLoansInNorthCarolina.com
(919) 746-7722
Raleigh, NC
 
Regional Acceptance
(252) 321-7700
1202 East Fire Tower Road
Greenville, NC
 
Global Motorist - Used Cars Charlotte
(704) 568-7373
6625 East Independence Blvd
Charlotte, NC
 
national auto sales1
(828) 441-2271
1210 1st ave sw
hickory, NC
 
Bank of America
(704) 838-4057
1616 E Broad St
Statesville, NC
 
ACE Motor Acceptance
(704) 882-7100
111 Cupped Oak Drive Suite F
Matthews, NC
 
Pinpoint Recovery Service
(336) 932-8008
P.O. box 29
Stoneville, NC
 
Steve Strange Insurance
(828) 754-0957
710 Blowing Rock Blvd
Lenoir, NC
 
Wells Fargo Financial
(704) 872-3641
1628 E Broad St
Statesville, NC
 
Beneficial Mortgage Co of North Carolina
(704) 873-6389
1544 E Broad St
Statesville, NC
 

Investing in Mobile Home Parks

How To Take Advantage Of Today's Real Estate Market:
Investing In Mobile Home Parks

Thu 07/30/09 10:03:28 pm
by Dave Reynolds

Prices are finally becoming attractive again

There are many reasons to buy a mobile home park. For one, there are virtually no new ones that can ever be built, effectively capping supply. Another is that you can raise and raise the rent, and nobody can afford the $3,000 or so to move out, so they have to put up with it. Or maybe it’s the fact that mobile home parks are sold on higher cap rates than any other form of real estate.   Well, I’m going to add one more reason: there are too many on the market right now, and the seller’s are getting desperate.   Ten years ago, there were big, well-heeled buyers for almost every park — especially Affordable Residential Communities and Hometown. And the smaller parks that they wouldn’t buy had 100 buyers standing in line. As a result, sellers got spoiled and thought that there would always be a huge number of buyers if they ever wanted to sell.   Well, they were wrong. Those days are over, for now. And parks are stacking up like unsold merchandise — stacked to the roof. What happened? Where did all the buyers go?   A lot of the buying fever over the last decade was in the form of lucky California, Florida and Arizona investors who sold a property for a huge windfall, and needed a 1031 exchange. These buyers flooded the market and, for some reason, Mobile Home Park Investing mobile home parks became one of their targets of choice. They made perfect buyers — they had wads of cash and a short fuse on a 1031 time limit. However, with the decline of California, Florida and Arizona real estate values, these buyers have gone the way of the buffalo. Without selling their coastal property, they have no cash for a 1031 replacement. Things were so crazy five years ago that you would have a school teacher sell her house in California for a $500,000 profit, and immediately plunk that down on a $2,500,000 1031 replacement, without ever having owned commercial real estate before. Today, that same school teacher would have just a “For Sale” sign in her yard and a stack of flyers on her kitchen counter.   So who’s going to fill the gap and start buying all of these parks? Nobody until the prices become attractive. Really attractive. And we are already seeing that. Some parks have had their asking prices reduced by 50% or more. And a lot of sellers are offering to carry paper at very attractive terms.   Every day we are seeing more parks stack up. And more desperate sellers. And even lower prices and more attractive terms. This has become one of the best buying opportunities in a decade.   So if you are looking at buying a mobile home park, your timing couldn’t be better. Don’t get so aggressive that you scrimp on your due diligence, however. There are still a lo...

Click here to read the rest of the article from mobilehome.com


© Copyright 2008 Express Network Solutions
Manufactured Housing Global Network

Page Cached @ Tuesday, 18th January, 2011 @ 02:00am

Served by checkov .xpr.com
@ 02:01:59