Thursday was an interesting day. Shortly after getting off the 9-5 I headed over to meet with the newest property manager (this is the third one!) more on the story later. But I met with him and talked a little bit about the three properties and handed him the keys to the third. Hopefully he comes into managing the properties with a strong-arm and get our underperforming properties up-to snuff.
After leaving the PM’s office. I spent the afternoon driving for dollars through a bunch of mobile home parks. That’s right I said mobile home parks. I love the idea of the cheap barrier of entry into the industry and that they can quickly be sold and not have to worry about tenants. It was an interesting experience. I found that the 55+ communities in this area have way higher prices than non-age restricted communities. It could be the age of some of the MH or the types. But I am of the opinion that it really was the community that had the biggest impact. We are talking about $10’s of $1,000 worth!
A lot of the homes that had for sale signs on them were for MH specific realtor groups. This was unexpected. I assumed that there wouldn’t be enough skin in the game for someone to not be a broker! Two in specific were everywhere: Integrity Homes, and Easy Living Homes. But they were everywhere in the first park. I found but 2 FSBO signs, and 1 investor looking sign. It was an interesting drive thru. I went around the corner to the next MHP and things were a lot different. The park was not very well maintained, we went from a bunch of doublewides to singlewides. The trailers were pretty beat up and there were few if any realtor signs, but 15-20 FSBO. I also noted that the clubhouse had postings about the trailers for sale. My thought process now is to see if I can offer to take all the park owned off their hands for 2 month lot rent and then to rehab and flip. We will see how investor friendly they are.
There was another CONNECTED real estate meeting around dinner time. I figured the meeting was scheduled to start at 7pm, and if I showed up at 6:45 would be the perfect time. However when I arrived there were already 20 people seated around the table, and they’d already placed their orders. It took me over an hour to get any kind of service! I guess I learned my lesson.
Bullet Points for the meeting:
- I met some interesting investors there and had great conversations with them.
- Picked up a referral to a RE Lawyer who I will be setting up an a meeting with to talk about the SAFE Act for owner financing the MH’s.
- Other Active REI meetings to continue my networking including a BP meetup.
- Joint wholesaling handshake on some Motel Deals.
All in all a great day for investing and setting the groundwork for future deals and paths to my real estate wealth.