Pax Realty 
Joyce June, Licensed Real Estate Broker (NY and SC)
6 Wicks Blvd - Corning NY 14830
607-215-3930 office

MHP sellers

Selling a mobile home park in today's world is a challenge!

You can get 10 purchase offers, but if you can't get the financing ... you won't make it to the finish line!

I know what lenders and buyers want.

"Boot camps" are telling buyers that "mom and pop" sellers are unsophisticated and can be manipulated
easily.  They'll become your best friend until the park is under contract and then they'll beat you up and steal your park.

I'll get you the highest possible price for your life time of hard work. 

Buyers often try to do joint ventures and leases or get you to sell with little down on an owner financed note.  And you'll probably get the park back ... with taxes owing and heavy legal expenses.  My advice is to run from these deals.  I've seen the results!

Lenders today want more money down, so typically it will take 20% to 30% down. With 35% down, some lenders will consider your credit score only and let the other income verification documents slide. 

Consider holding a small note (if the lender and your attorney will allow it) on your park owned homes. You don't want the bank to hold them as collateral anyways. 

Some sellers are holding paper.  Talk to your tax consultant to see if that will minimize your income taxes.

Talk to your attorney to minimize the risk.

Make sure the buyer puts enough money into the deal so that he won't easily walk away.  Some buyers actually think they can buy a mobile home park without any of their own money.  That just doesn't happen in today's world.

Lenders want to see very good management and a good history.  They'll ask for 2 or 3 years of income tax returns for the park. Banks like leases, but generally they don't want them to all expire at the same time.  Each lender will have their own requirements.  Check with NYS for lease requirements. 

The lender may require a Phase I and/or a Phase II.  These are environmental reports that look at the property and neighboring properties to determine if there are any possible issues (contaminated soil, hazardous waste, previous uses etc).

They want the buyer to be experienced.  They may accept a professional, experienced management team to operate the park.

If you list your park with me, I may be willing to manage it until it sells.  We can talk about that.

The park has to look good.  Lenders like paved roads, street lights, good skirting and no clutter. 

I'm selling alot of mobile home parks.  Many are cash deals (the buyer always expects a discount for cash).  Many park owners are having to hold paper if they want to sell their parks. 

Don't put your park on the market until you can verify the rents and the numbers work.  If you're just breaking even, you'll get a low price.  Since I'm a retailer for manufactured homes, I might be able to bring you an offer today … based on the number you want … with a closing date in six months or a year.  I'll fill up the vacant lots, update your tenant roster, get tenants current and make sure the transition goes smoothly.  By the closing date (in 6 months or a year), the lender will be happy to grant the loan.

Large groups are refinancing parks they already own to come up with cash to add to their portfolios.

People will always need a place to live.  Mobile home parks offer an affordable way to live and baby boomers are retiring so they're downsizing.  If you built your park and your kids don't want anything to do with it, follow the sun!  Life is short.  I'll get you the highest price possible.

If your property is priced right and you can back your numbers up, the park will sell. 

Get your information ready so you can quickly provide it when asked.  Remember ... when they're hot, they're hot!

Many firms are in "acquisition mode" right now and are aggressively looking for investments.  If interest rates go up, that could change.  Don't wait too long.

Consider doing a 1031 (talk to your tax advisor). 

I've got over 1,600 buyers in my database.  I've sold parks with one phone call and I've taken offers to listing appointments.

I can make it happen!

Joyce June, licensed Real Estate Broker
Pax Realty