MHP development and acquisition

[Eric C]

Hi there folks -

I'd like to talk with anyone who is in the process of developing a MHP (or has already done so) in Texas.

I've purchased a pretty good amount of MH paper over the years, but nothing recently.

I know that the Texas regs have undergone a tremendous overhaul in the past year or two which hasn't helped the industry in the slightest.

Even so, I'm still interested in the product and I'm trying to find a sweet spot in this niche.

Thanks for any information you can provide.

Eric C

[tedjr]

Howdy Eric:

I just got an email from a fellow here in Austin that has leads for distressed MH owners. He says that there is good chance for short sales on most of these. I do not know if this is the kind of thing you are looking for but it may be worth looking into.

Enjoyed meeting you at the party and am glad you could meet Tim and lots of other members too. Thanks again for your help with the party.

[Eric C]

Hi Ted -

Thanks for the reply. Don't know if there would be much interest in motivated (stressed) MH owners, but it couldn't hurt to check it out.

In my experience, most of the MH folks either buy at high retail so when the time comes to sell, they're still under-water. Those that purchase for cash (or have actually paid the thing off over the years) simply give up and walk away from the whole thing  -- mentally and emotionally, if not physically.  You know what I mean?

However, any information is better than none and I appreciate the help.

For a variety of reasons, I prefer to start from scratch with this MH project -- doesn't mean I won't change my mind later, but for now, I've got a longer timeframe in mind than the typical Lonnie deal.

To accomplish that, I need first to work a few areas looking for some overlooked properties; maybe they're no longer attractive to most? Something that I can change the usage? The idea is to end up with a long-term investment (MHP) rather then short-term paper.

The actual MHs should be pretty easy to locate since the majority of them will be new.  I'm still working out the details.

Thanks again for your help -- I appreciate it.

Take care,

Eric C

PS - I will say that I am also looking at some used MHs to put on a few lots here and there -- the actual investment being the land rather than the MH.  Those will be closer to a typical "Lonnie" deal. See you.

[aptbroker1]

Hi Guys,

 I own 3 mobile home parks in Texas, 156 units in Dallas, 56 in Houston, and 99 in Tyler.  Development is scary right now, and I would look at buying an existing park to rehab.  It's less risky, with almost as much upside potential.