BUYING A MH COMMUNITY

[Lisa]

I am looking at buying a MH Community and need advise on what options I have with the financing. This is about a 6.5M deal which includes funds to develop additional lots. This is a nice looking Park in a growing area. 360 + lot potential.

As far as investors go - where is a good source to find them and what would they expected as a return on their investment? I am looking for a money partner to cover the $ down (20%??) and carrying costs for aobut 6 months.

What is acceptable to a bank?

Also, how does it work with Manufacturers? Will they put mobile homes in the Park for resale or require us to buy it out right??? Should I anticipate issues if we develop it into a Resort Community/RV Community? What are the downfalls (if any) of bringing in the Camping side of the business? (Multiple strams of income).
My target market is Baby Boomers and Retirees.

I have been looking for a report that will show me the history of the market and what is expected to come and cannot find anything like it. I have all kinds of data but not that... any suggestions on where I can find such a report?

Any input would be greatly appreciated!

Sincerely,

Lisa

[rmurray]

your ip number implies you are in SC...

SC has a very active manufactured home association..You will need to have a dealers licence..Manufacturers will only sell you homes..they will help finds invenrtory loans...You better check with the local land use folks about the RV park idea...most area would not allow the change without a zoning chang....Sounds like you might want to call the host of this board..Ms,.Jackson does consulting in cases like yours her advice would be very valuable...She has a good set of books sold on this web site at

https://ssl.xpr.com/mfdhousing/mfdcart/ ... hp3?pid=92

You casn find ms. Jadckson's web site here... http://chrissy-jackson.com/

[David Oxhandler]

Many of Chrissy's books for MHC owners and managgers are now available in E-Book Format. Because there is no printing, no paper, no delivery costs you will find that e-books offer a great cost savings to you over the print books, and best of all you can be reading your e-books within seconds. To Jump to the MH Book Store's MHCommunity Manager's E-book Section Click Here "If you want to buy an older community that is in need of repair, where do you start? What do you consider? To whom do you go to ask questions? What questions are important? What other resources do you have to consider?" Read More in Chrissy Jackson's article Buying A MHCommunity – What to Look For? A good place to start is the classic book now available in E-book format Upgrading Your Community - by Chrissy Jackson Another must read if your going to Buy and Improve an MH Community is How to Find, Buy, Manage & Sell a Manufactured Home Community by George Allen For details about Government backed loans for Community purchase and upgrade get Eddie Hicks popular bookHow To Get An FHA Guaranteed Loan For Acquisition and Rehabilitation or Development of a MH Community This title is now also available in E-Book format for Instant Download webmaster