Mr Investor
08-04-2006, 07:41 AM
I know of a MH Park here in Illinois in the suburbs close to Chicago that I would like to try my hand at Investing in, but have questions.
This is what I do know about the park.
My step-father back in early 70's owned a double-wide home in this park and sold it when my mom, him, my brother and I moved to Texas in 1980.
This was a well kept up 806 MH Park on 80 acres, close to highway I294/I55 with 3 water fountain ponds, had two pools but only 1 now, old clubhouse but they have built a BIG new 2 story clubhouse, Still has a security guarded entrance shack but not in use as we speak (heard they are bringing the guards back, NO not the old guards) lol.
The last 16 years this place had kind of gone down hill and became what some would call trailer trash but more like Jerry Springer trailer trash.
Now I was driving through the Park and noticed a lot of empty pads, some older empty homes with broken windows, or boarded up, but plenty of really nice newer MH coming into the park also, What caught my eye was the number of FSBO, they seem to be trying to change the look of the people in the park for the better.
Some of the FSBO MH's are in need of major work but a lot of them are in really great shape.
My problem is I know nothing about MH Investing, laws, lot fees, rehabbing, financing, approaching or marketing to these kind of sellers, etc, etc.
What's the first thing I should start doing before I try Investing in MH's?
Some of the MH's that are FSBO have the phone number and price in the windows.
The cheapest MH I saw was $4.900K all the way up to $72K if this helps.
Is it better to knock on the doors, call the phone numbers, or send them letters/postcards for weeks/months?
I think I found the office but it has no work hours posted on the door's so the few times I've gone by what looks like the leasing office I get a hold of no one, so that I can talk to the office people to see if I can make them an offer on some of the empty/abandoned homes they have in the park.
Any help or advice from MH Investors would be greatly appreciated.
This is what I do know about the park.
My step-father back in early 70's owned a double-wide home in this park and sold it when my mom, him, my brother and I moved to Texas in 1980.
This was a well kept up 806 MH Park on 80 acres, close to highway I294/I55 with 3 water fountain ponds, had two pools but only 1 now, old clubhouse but they have built a BIG new 2 story clubhouse, Still has a security guarded entrance shack but not in use as we speak (heard they are bringing the guards back, NO not the old guards) lol.
The last 16 years this place had kind of gone down hill and became what some would call trailer trash but more like Jerry Springer trailer trash.
Now I was driving through the Park and noticed a lot of empty pads, some older empty homes with broken windows, or boarded up, but plenty of really nice newer MH coming into the park also, What caught my eye was the number of FSBO, they seem to be trying to change the look of the people in the park for the better.
Some of the FSBO MH's are in need of major work but a lot of them are in really great shape.
My problem is I know nothing about MH Investing, laws, lot fees, rehabbing, financing, approaching or marketing to these kind of sellers, etc, etc.
What's the first thing I should start doing before I try Investing in MH's?
Some of the MH's that are FSBO have the phone number and price in the windows.
The cheapest MH I saw was $4.900K all the way up to $72K if this helps.
Is it better to knock on the doors, call the phone numbers, or send them letters/postcards for weeks/months?
I think I found the office but it has no work hours posted on the door's so the few times I've gone by what looks like the leasing office I get a hold of no one, so that I can talk to the office people to see if I can make them an offer on some of the empty/abandoned homes they have in the park.
Any help or advice from MH Investors would be greatly appreciated.