How can investors find more mobile home parks to buy?
There are a variety of ways for MHP investors to source and acquire new parks. Try out these ten ideas…
#1. Cold Call Park Owners
Cold calling is one of the easiest and fastest ways to directly get in touch with owners. Data from the National Association of Realtors shows that cold calling is still a highly productive and profitable way to source properties for sale. However, your net returns will certainly vary depending on your skill at closing those you connect with. Investors can do this themselves, or commission professional call scripts and deploy call center teams on their behalf.
#2. Direct Mail
It’s not always possible to reach mobile home park owners by phone or email today, and sales leaders remind us that it can sometimes can an average of ‘7 touches’ to close a deal. So an affordable, consistent, direct mail campaign can be a good tool to throw into the mix. This may be regular postcards, handwritten letters, or over the top, oversized items that will really grab attention.
Loopnet is a highly popular commercial real estate listing platform. Realtor.com and other real estate agent powered sites may also provide regular alerts to mobile home parks which are actively for sale. This may also be used to track mobile home parks which don’t sell, and which may have motivated sellers eager to do something.
#4. Real Estate Brokers
Real estate brokers themselves can be handy to wield in your search for mobile home park deals. While it is true that they may add commission to the deal, they also bear the upfront marketing costs and time involved in sourcing deals. They may go out of their way, on their dollar to market directly to park owners and put deals together. Not all park owners will work with agents, but it is an extra channel to have working for you.
A great way to find direct deals on mobile home parks is to simply drive by them. You can do this locally, as well as on any trips you decide to take. If you can find an area with a high saturation of mobile homes then it may be worth a trip out there. You can even double it up as a romantic getaway or family vacation and get the whole team involved. This also provides the opportunity to conduct more early reconnaissance. You can talk to locals, park tenants, and perhaps even managers, or catch the owner, while getting a good feel for the current status and potential, as well as possible issues.
Despite being one of the ugliest websites ever Craigslist offers a variety of ways to source real estate deals. Utilize as many categories as you can. You may simply surf real estate for sale and rental sections. You can also post wanted ads in these sections as well as services, and discussion forums. For the most part this is free, and highly trafficked. It can often also yield various referrals sources that may be willing to go out and hunt desirable deals on your behalf.
#7. Post Ads
There are a huge variety of advertising options. What makes sense for you may depend on your budget, deal volume, and the density of mobile home parks in a given area. This can be both on and offline. It could range from cheap signs to billboards, to Google ads, to Facebook, or full page advertorials in national newspapers and industry magazines.
Investors can leverage a variety of lists for targeted marketing campaigns. Custom lead lists can be bought, rented, and exchanged. These may be used for the above mentioned direct mail or cold calling campaigns, or for email and social media campaigns. In some cases knocking on doors might be worth it.
#9. Build a Website
For those seeking to buy, manage, and sell mobile home parks on a regular basis there is a lot of reason to launch your own website and blog. This can add credibility, act as a magnet for sellers, and be your online HQ for everything else you do, including leasing. This does not have to be incredibly expensive or time consuming.
#10. Investor Groups
Investment clubs and groups can be a great place to find deals, meet financiers, get extra tips, and even find future buyers for your mobile home parks.