The Danger Of Selling Your Mobile Home Park To A Wholesaler
Hi, my name is Brant Phillips with Mobile Home Park Instant Offer and I’m standing outside of a park, a community I like to call it, that we just purchased. And if you’re a mobile home park owner, one of the things to think about if you’re considering selling your park is you may be in a situation where you bought a park and you know, you had big plans and aspirations on turning it around and doing certain developments and maybe things just got in the way.
Perhaps you inherited a park and it was a – family members or some other situation, but the fact is you’re in a position where you own a mobile home park or property and it just hasn’t been able to reach its highest and best use and potential to get where you wanted it to be. And that’s one thing I’ve seen quite a bit talking to park owners is that they had a dream, or a vision that things were gonna be a certain way but they didn’t end up that way. Which I totally and completely understand. Trust me, I’ve been in real estate for 13 years now, and I’ve had a lot of projects that have kicked my tail and got the better of me for various reasons.
That being said, if you are in a position, or when you are in a position of thinking about selling your park, one thing you may wanna ask your potential buyers is “What is their plan for the community?” For example, the community that you see in this video is one we are working on, and we’re obviously not finished with it yet, we still have a long ways to go, but whenever we began talking to the seller here, you know, he had plans, he had visions of doing some things property, but for various reasons, those things just never came to fruition. You know, life and other things got in the way and so whenever we purchased this park, it was a pretty big mess just to be quite honest with you. And so I’m showing you a few things here, what we’ve done and in just in a few months since buying this mobile home park, we’ve done some lot clearing, we’ve installed new signage here, we’ve installed commercial mailboxes, although we still have to remove the old ones, we’ve brought in new manufactured homes and and are renovating a few that were already here.
The point is, turning a mobile home park or development around, means investing a lot of time and alot of money to bring the park up to what we all want to create, which is a very visibly appealing and safe community that, let’s be honest, really helps solve a major problem that we have in the world and in America right now which is affordable housing and that’s really what our company does when we buy mobile home parks.
For example, on this property, we’ve installed nice, new signage to enforce some community standards like speed limit laws, and things like that but another thing that is important here is we’re helping residents become homeowners too instead of just renters. That’s another big thing for us, which is helping people own their homes and live the American dream so to speak in a community like this on these nice, beautiful half acre lots.
My point is this, if and when you’re considering selling your property, price matters, right? Of course price matters, but other terms and conditions matter too. Working with someone that you feel good about, and making sure that they’re going to honor their commitments is important so do not hesitate to ask what their plans are for the property if they buy it from you. Ask what they’re going to do specifically because there can be a ‘feel good’ side of the transaction where your dreams and your vision can become reality and what you wanted to see happen to your community can begin to take place with the new ownership. And there is something to be said for feeling good about bringing a property to it’s highest and best use, and this is a way you can still help manifest your vision and dreams by working the the ‘right’ buyer that has the capital and the experience and warewithall to bring those ideas and plans to life.
So once again, my name is Brant Phillips. I appreciate you taking the time to watch this. If you have questions about your mobile home park or other type of property, feel free to reach out to me. I take a lot of phone calls and respond to emails and things like that with people that just have a couple of questions and I love to help. So if you just have some questions, even if you’re not wanting to sell, that’s ok, give me a call and I’ll try my best to help. So feel free to reach out and we’ll be glad to help in any way if we can.