It’s been a while since I posted and I wanted to fill you in on all of my current real estate adventures and mobile home park purchase progress. We have only a few weeks left before school officially begins for my kiddos and I am looking forward to a more consistent, full-time schedule to devote to my real estate projects.
MOBILE HOME PARKS
First up, my search for mobile home parks to purchase. This summer Kate and I have been pursuing three opportunities that looked promising and the numbers checked out. We sent purchase agreements to all owners and ran into a few issues.
We received the signed agreement for the park in Iowa. Unfortunately, within a few days the owner called me and asked if we could cancel the contract because he wanted to sell it to his son-in-law instead. With this particular park, the owner built the park on his own and would have remained living in the there once it was sold to us.
We don’t want to force anyone to sell us their park and in this situation, we could have run into issues down the road with the previous owner continuing to live within the park if he sold it to us under pressure. If we had been further down the road with our due diligence, we may not have been as understanding with tearing up the contract! The owner agreed to pay our attorney fees and knows where to reach us if he changes his mind. We believe that it is important to keep positive relationships with park owners for any potential deals down the road.
We loved the location of this park and the potential to improve management and stability within the park.
This park was within the Columbus, Ohio metro and the park that Kate and I were the most excited about. In the beginning, we had a great rapport with the owners, but as we got closer to sending the P.A. (purchase agreement), they became less available for our calls. We sent the P.A. and have had radio silence from the sellers. We have reached out multiple times and let them know that we will be redirecting our funds and if they are interested in our offer they can reach out to us. This was particularly frustrating but it is all part of the gig.
This park needs a lot of work but has loads of potential. This was by far the best looking home in the park. Most of the others were in rough shape and a third of the park needs trailers brought in.
This deal is still alive and we are working through the due diligence and negotiation process as we speak. If we can get the numbers to work, we will get this park. If the numbers don’t work, we will pass and begin working on our next round of mailers to find some new parks.
This experience has been incredibly eye opening and we have learned so much throughout the process. I feel much more confident as we gear up to start our second round of mailers to find new deals.
I received my license with Howard Hanna in mid-July and have been lucky enough to be working with my brother and his wife on purchasing a new home and selling their current one.
This summer I have also been working closely with my parents as they try to buy a new cottage and sell their current cottage FSBO on Gem Beach.
We are itching for a project! I always have my eyes peeled for good opportunities and I am exploring a few properties right now.
I fell in love with this beautiful home in Ottawa Hills but another offer is already pending, boo! But seriously, how pretty is this house? I will keep you posted on potential flip houses.
I have partnered up with Tempaper Designs for my next project. It is a super fun project at my cousin Jackie’s home in the Old West End. Be on the look out for this fun DIY in the coming weeks. Here is a sneak peak of the whimsical wallpaper we will be working with!