Jul 26, 2024
In this episode of The MHP Broker’s Tips and Tricks Closing Cocktails podcast, Maxwell Baker, president of The Mobile Home Park Broker, interviewed MHP broker Eric Wanck about his very unique mobile-home-park-turned-RV-Park deal in Florida.
As with every Tips and Tricks podcast episode, this one is brought to you by The MHP Broker's proprietary Community Price Maximizer. Use this four-step system to get the highest price possible for your mobile home park or RV community when you sell it through The MHP Broker. Guaranteed. Call Max for details.
Here Are the Show Highlights:
- Eric had a couple unique challenges in closing on Cracker Lake in Florida. In the first place, the park was totally vacant. And in the second place, it HAD been a mobile home park, but it was being converted to an RV community. The conversion followed a hurricane that completely wiped out the mobile home park which, at the time, had a few smaller mobile homes and some tiny homes. The city refused to let the owner continue operating the community as a mobile home park unless they raised the homes a foot off the ground in the floodplain. However, the city recommended the conversion to non-permanent housing in the form of an RV park. Rhus was born Cracker Lake RV Resort. (Eric, 1:36)
- This follows a trend where the brokers are starting to see a lot of vacant mobile home parks get attention from buyers. (Max. 3:23)
- The sale was to a local buyer who had 1031 funds and only needed a small seller note of less than ten percent for 12 months. Due diligence was done quickly and smoothly, and the buyer and seller worked well together. The park sold at near list price. (Eric, 4:23)
- Eric agreed with Max’s comment about seeing a good market for vacant or near-vacant mobile home parks. (Eric, 4:44)
If your mobile home park is vacant or near-vacant. No problem. Eric Wanck can find you a motivated buyer. Contact Eric or Max Baker at The Mobile Home Park Broker, (678) 932-0200. You can also drop us a line at info@themhpbroker.com.
Power Quotes in This Episode:
“We were selling essentially vacant land with infrastructure in place.” (Eric, 1:36)
“It was a really nice project for someone to come in, do a little bit of work and capital expenditures, and essentially open the gate” (Eric, 1:36)
“I chuckled because there's always a little bit of a hiccup with due diligence. But for the most part, it was smooth and very happy all around. Great folks to work with on the sell side and the buy side.” (Eric, 3:42)