Adult & over 55 parks - Posted by Vicki NH

Posted by Ernest Tew on May 04, 2000 at 05:29:20:

After checking out the local market and find there are enough buyers, start making offers. Don’t hesitate to offer substantially less than the owners are asking. Remember, nothing gets the attention of a seller like all cash. You will find that price is only one of the things that motivate sellers.

But, before you buy, be sure to talk to the park manager and be sure that you have their cooperation. Then, talk to a few park residents about the park and ask about the manager. Keep in mind that the cost of moving the home might make the transaction unprofitable–and if it is an older home, you might have difficulty finding another park that will accept it.

Adult & over 55 parks - Posted by Vicki NH

Posted by Vicki NH on May 03, 2000 at 10:00:40:

I’ve been finding that most of the MH parks in my area are geared to adults with many billed as “over 55” retirement communities. Prices that I’ve seen seem wayyyyy over the typical Lonnie prices. We’re talking 30K, 40K etc. Not many family parks in my area. Any suggestions for this type of environment?

Re: Adult & over 55 parks - Posted by Lonnie

Posted by Lonnie on May 04, 2000 at 07:01:14:

Hi Vicki,

I posted this previously, buy maybe it will help answer your question.

I recently had a call from a man in Florida telling me about a couple of deals he had just done in a senior park. His first deal was a home that he paid $2,500 for, spent another $300 on it, and sold it for $5,000. cash. He found his buyer from a classified ad, which he ran for 14 days and received 16 calls.
He then found another home, agreed to a purchase price of $5,200, and tied it up with $100 deposit. Before the closing date, he had it sold for $9,800, $800 down and a note for the balance.
Here’s something I thought was very interesting. He said that out of 64 parks in his area, only 4 were family parks. One senior park has over 800 spaces. So obviously, if you choose to do business only in family parks, you will miss many good opportunities in an area such as this. This shows once again why you need to keep an open mind and be willing to make changes in your investing program.
And here’s something else he told me, which emphasizes again how important a cooperative park manager is to your financial wealth. After doing these two deals, and making a very favorable impression on the park manager, the manager made him an offer he couldn’t refuse.
The park had two vacant homes that needed fix-up. The park wasn’t getting any lot rent, and didn’t want to spend money to have these homes fixed up. The manager offered both homes to him, provided he would fix them up, and keep them in the park. He was offered one of the homes for $500, and the other one for free. This should answer the question about doing business in Senior parks. But like any business, it depends on you.
Hope this helps,