This video is about the owner of a small mobile home park. The problem is the owner wants to sell but no one wants to buy because it has lots of deferred maintenance.
Now the question: What can the owner do to find a valid buyer?
Find out Jay’s and Chaffee’s answer to this question by watching the video.
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Jay Conner:
All right, Chaffee. We'll give you an easier question.
Chaffee Than-Nguyen:
Great.
Jay Conner:
Alright. Are you ready?
Chaffee Than-Nguyen:
Go for it.
Jay Conner:
All right, this one comes from Rick Montilla.
Ashley Montill:
Montilla.
Jay Conner:
Is that it? Ashley Montilla?
Ashley Montilla:
Yes.
Jay Conner:
Thank you. Okay, Chaffe. Here's an easier when you're ready?
Chaffee Than-Nguyen:
Sure.
Jay Conner:
I know what my answer is, but i don't know what the question is. So here's the question. Rick says I have a small mobile home park. Don't you feel like you're on jeopardy right now? Chaffee, you have to answer with a question. I I have a small Oh there's Rick he's here, but I don't have a microphone. Okay, Rick, we're answering your question. I have a small mobile home park that I would like to sell, but it needs a lot of work, and no one wants to buy my mobile home park because it has so much deferred maintenance , question.
Jay Conner:
What can I do to find a valid buyer?
Chaffee Than-Nguyen:
Well, that's just a bunch of marketing, isn't it? Jay?
Jay Conner:
Well, it's marketing, but it's also offering an easy way to buy it, right? So, Rick, I don't know what you've already done to market your mobile home park, but most mobile home parks like this, I say most like over 90% of them. I don't know what the percentage is, but it's the majority of them are sold with owner financing for a long period of time. Right? Most of the time, these mobile home park owners, when they're selling, they're not wanting cash, cash, cash, they're wanting to do like, you know, build, you know, cashflow coming in. Did you want to jump in Chaffee?
Chaffee Than-Nguyen:
Well, I just for clarification purposes, when you own a mobile home park, there's multiple different ways of ownership, right? I mean, you can own the, the park and then you can own the mobile homes on the park as well. Or you can just own the land and then have people have their own mobile homes and then rent the land to them. So I'm not sure at what level Rick, you own that park. Because depending on what's on there you know, your marketing is going to be different and the people that are going to buy it are going to be different. So I guess that's what I'm unclear of. What that question is what level of ownership do you have? And what's actually on the park that you can actually market to find the right people for that.
Jay Conner:
That's a good point, Chaffee. And so I'm going to keep my answer rather generic right now. And that is whether the, whether you own the mobile home is on there or not, right? You want to, you want to be able to own or finance the whole, I mean, you wanna be able to own owner finance, the whole thing to make it super easy to buy because for an investor to go to a commercial lender, particularly, you know, on the deferred maintenance or whatever that could cause a problem on getting the loan. So offer owner financing and back to what you said, Chaffee come back, comes back into marketing. You want to make sure you've got that mobile home park listed. Do not try to sell that mobile home park on your own, do not try to sell that mobile home park as a FSBO, right? You want to, you want to list your mobile home park with a commercial, with a realtor that specializes in commercial deals. And that's all, I do not want to be listing my mobile home park, with a residential real estate agent. I want a specialized guy doing that outright and I do own some trailers. I know that there are so many questions to behave or whatever, alright? But those are my biggest two pieces of advice right now, Rick, list it with the right commercial guy or gal and offer owner financing.
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