May 31, 2022
In this brief “two-fer” Closing Cocktail episode of The MHP Broker’s Tips and Tricks, we discussed two recent deals spearheaded by MHP Broker Eric Wanck. Both communities are in Georgia. We’ll first go into the 60-Pad Mobile Home Park deal and then discuss GA 85-Pad Mobile Home Park
As always, this episode is hosted by Maxwell Baker, the co-founder of The MHP Broker, and brought to you by our proprietary Community Price Maximizer. Use our four-step system through which we’ll help you sell your mobile home park or RV community and guarantee you a higher price. Ask us for details.
Here Are Show Highlights:
- Eric stayed in touch with the owner of GA 60-Pad Mobile Home Park, in South Georgia, for a good six or seven months before his patience paid off and the park owner decided to list it with him. (Eric, 0:51)
- Eric was ready. He had a buyer lined up, someone he’d been talking to for awhile, and the owner had a good offer quickly put in front of him. (Eric, 1:30)
- 60-Pad Mobile Home Park came to Eric’s attention as a company lead through MHP Broker’s ongoing marketing campaign. It was a tidy park, with some new homes on a large footprint. Probably the nicest park in that town. Eric made that point to the buyer, and expressed that 60-Pad Mobile Home Park.
- would quickly find a buyer, if not him. The sale closed successfully. (Eric, 2:17)
- GA 85-Pad Mobile Home Park, Eric’s other recent deal, is a very popular RV community in North Atlanta with a nine month waiting list for tenants. This seller also came to Eric’s attention via a company lead. The seller already had an offer and wanted Eric to consult on the price. Eric toured the park and loved it. Wesley Oaks was in a very hot market and Eric helped his client set a fair and very competitive price. (Eric, 3:16)
- It came in at a very competitive 7 CAP. (Max, 4:00)
- The lesson of the hot market for Eric is that prospective buyers really have to stay in touch with brokers because so many properties get sold about as quickly as they get listed. Those who want to invest in this housing should get back to their brokers within about 24 hours if the broker presents an offer. Both of these recent deals are examples of how quickly good properties turn (Eric, 4:33)
- Related to that last point, buyers need to make sure they’re ready to go if they do find a park that interests them. That means already having a lender relationship, cash lined up, and maybe a template contract that can at least serve as a starting point. (Eric, 6:10)
60-Pad Mobile Home Park and GA 85-Pad Mobile Home Park are two vibrant examples of how hot the market is at this time, especially in Georgia, for manufactured housing communities. Call us. Let us help you sell your park for the most competitive price possible. Just drop us a line at info@themhpbroker.com or give Maxwell Baker a call at 678-932-0200.
Power Quotes on This Episode:
“I always take the approach that I'm never a salesy guy. I'm here throughout the entire
process to hold your hand, answer questions. But the last thing that I think most (park
owners) want to hear is the guy breathing down your throat every seven days, ‘Hey,
when are you going to list? When are you going to list, when can we sell?’” (Eric, 1:30)
“I had some great folks that I've worked with before I knew they were in this market.
They were looking for parks, they have cash on hand, you know, we're able to put a
contract in front of them within 48 hours.” (Eric, 1:30)
“I really think that (60-Pad Mobile Home Park ) was probably the nicest park in town. Very well laid out, a
lot of acreage, some newer homes were brought into the park. And that was just my
Selling point to the buyer. I said, ‘If you don't want to buy this, there's going to be three
More that probably are willing to step in and take this as well.’” (Eric, 2:17)
“This one (GA 85-Pad Mobile Home Park) is a nice little trophy deal.” (Eric, 2:55)
“I saw the park, met with him and it really impressed me as not only a great location in
North Atlanta, but that this was an RV park that had an eight to nine-month waiting list.”
(Eric, 3:16)
“No problems with appraisals. Very clean deal, which I like.” (Eric, 4:05)
“North Atlanta is a very hot market.” (Max, 4:17)
“I think the market kind of dictates how quick sometimes you got to move.” (Eric, 4:33)
“As long as you're staying in front of me, ask me, ‘Hey, what's new on the radar?’
Because deals cross my desk, they never make it to market. Sometimes there are off-
market deals, such as the ones that we're discussing and it really is timing being your
best friend. Sometimes I had a deal across my desk on a Monday and you just happen
to call me on a Tuesday. And hey, you're going to get an opportunity to hear about that.”
(Eric, 5:34)
( Paul, 1:54)
(On completing rehab of a home and getting sign-off without the buyer actually seeing
the work.) “...we have gained a level of trust with the buy-side and the sell side that, hey,
these are the pictures the job (that) has been completed and everyone signed off on it.
So itwas that level of agreement that we were able to surpass that hurdle of a home that
needed work.” (Paul, 2:21)
“I'd say 15% of what we normally do is off-market. But as the market is changing, y'all,
we've obviously got to adapt, so we're seeing a lot more off-market opportunities.” (Max,
3:10)