DITTO!!!
Amazing how 55+ bad experiences are common throughout the country.
You’re dead on about finding motivated sellers…there’s a reason. My first ones were in a senior park and they caused a lot of sleepless nights for the reasons outlined ad nauseam in the archives.
Tyrone-there’s a glut of senior parks in the valley of the sun and way too much inventory especially “off season” which begins now. Steer clear or you’ll be sorry!
I live in Mesa, AZ where there are more 55+ mobile home communities than you can shake a stick at. I am a rookie to Lonnie deals and was wanting to now if you were having success in these 55+ communities. My biggest concern is that these people live only half the year and if I buy at the wrong time I may be stuck with a home for six months paying lot rents. Your thoughts and suggestions would be appreciated.
Posted by Steve Contois on April 24, 2006 at 19:40:50:
The 55+ parks are tough when your first getting started. You’ll find a lot of motivated sellers when your looking for deals. After you buy one of their homes, you’ll find out why there were so many motivated sellers. The re-sell market is very limited due to to the age restrictions. I would recommend doing everything possbile to negotiate free lot rent with the park. I have found my holding period is 2x as long in the 55+ parks. Your good deal cann dissapear in holding costs real quick if you jump the gun w/o cutting a good deal with the park. Best of luck.
Posted by Ryan (NC) on April 23, 2006 at 08:32:32:
Tyrone,
Start off right by following Lonnie’s model as close as you can. If 55+ interest you look it up in the archives there is a ton of info, as for the snowbirds this is point blank the wrong season… It might however be a great way to generate some quick cash come fall! There are more risk than a standard LD but if you started buying in say August or September while advertising in the north & Midwest for winter getaway homes you could very likely pull off a couple cash sales if you can afford to cover the lot rent for a few months til the snowbirds arrive.