WA /OR MHP purchase - wisdom to share? - Posted by Lin

Posted by Bert NH on July 28, 2003 at 11:40:32:

Lin, I have sold my apartment houses and now own a seasonal campground and a year-round MOHO park. It’s great! A lot better to rent dirt than 4 walls. I also have done 1031 exchanges. I would caution that the process for purchasing a park MAY BE lined with lots of regualtions which can really slow down the timeline for completing the purchase. This could be an issue since your 1031 needs to be completed within 1 year (i believe). Anyway, here in the northeast, once you and the seller agree to terms, the tenants have a 60 day period to match your offer and blow you out of the deal! Check state law in both OR and WA. That could make the decision for you. Bert NH

WA /OR MHP purchase - wisdom to share? - Posted by Lin

Posted by Lin on July 21, 2003 at 15:42:03:

I have a 1031 exchange to complete over the next 6 months and am considering a MHP. I am in Oregon, but some of the parks I’ve seen in Washington look interesting. Are there any laws or regulations that I should be aware of that make investments in Washington and Oregon more risky or less lucrative that other states?

I have $52k to use from the exchange and some add’l funds, if necessary to do the deal. I have experience with SFH rentals and apartments, but this would be my first park, and my first purchase outside my area. I don’t have a job, other than investing, so the travel isn’t as big a concern as it could be. I’m pretty new to Lonnie deals. I purchased my second MH last week.

I don’t know if this is getting in over my head, but the returns and owner terms are SO much better than any I can find on apartment buildings that I am seriously considering purchasing a park and just jumping in.

Any thoughts?

Thanks for your help.


Re: WA /OR MHP purchase - wisdom to share? - Posted by Dan (MD)

Posted by Dan (MD) on July 22, 2003 at 18:34:36:

I don’t have any parks (yet) but I would recommend getting Ernest Tew’s book, Tin Can Alley. It deals with buying and selling MHPs


Re: WA /OR MHP purchase - wisdom to share? - Posted by Dave - WA

Posted by Dave - WA on July 22, 2003 at 18:44:55:

You have two books and their authors mixed up.

Ernest Tew’s book is How to Get Rich Helping Others.

David Butler’s book is Tin Can Alley: The Complete Guide to Making Money with Mobile Home Notes

and then there is Ray Alcorn’s book,

DealMaker’s Guide to Mobile Home Parks: How to Buy and Profit from Mobile Home Parks.