How to create a network to ensure a consistent feed of mobile home park deals…
Investors that are serious about profiting from the mobile home park sector will find that having a network of different sources feeding them deals can optimize their time and deliver more choices. So how do you set that up?
5 Ways to Source Mobile Home Park Deals
The scarcity of mobile home parks in comparison to other types of investments makes establishing consistent sources of potential park deals important. Some of these options may include…
- Professional network
- Hired staff
- Property scouts
- Friends and family
- Real estate listing platforms
Investors can recruit a variety of individuals officially or unofficially to bring them leads on potential mobile home park acquisitions. Check with your attorney to ensure you are on the right side of the law with any compensation you plan to offer.
Various real estate listing platforms offer search options, and often the ability to set up automatic email alerts when new properties are put up for sale.
These are all great ways to augment your search. However, since they can also be inconsistent, or may not offer the early advantage that referrals do, let’s hone in on building and using a network of professionals to help…
Building a Professional Network
A network of professional can be a great source of referrals to mobile home park deals before they hit the open market and prices are bid up.
Professionals to Add to Your Network include:
- Real estate agents
- Mortgage brokers
- Financial planners
- Fund managers
Where to Find Them:
- White pages
- Google search
- Chambers of commerce
- Industry events
- Investor clubs and groups
- Local businesses
How to Connect
The majority of these professionals are already looking to expand their own professional networks. They want to expand the network of professionals that will bring them referrals, increase their own revenues, and often need other professionals to serve their clients. So always go in with how you can help them.
For example; will referring you deals help them complete another transaction and increase their income? Will it help them better serve their clients by liquidating an asset at a critical moment (such as a divorce or probate proceedings)?
Pro Tip: Have an elevator pitch prepared that gives you a quick introduction and highlights your value to them. Let them know that if they know of anyone selling a park, to please make an introduction.
Don’t rely on them remembering you and your contact information. Ask for theirs. Log it into a database in the cloud where it won’t be lost.
Like any relationship investors need to nurture these relationships with regular contact too (this is a long-term play). So set up a system to follow up with phone calls, send cards, and do lunches together. Don’t be a time drain, but do build the relationship. Whenever possible look for opportunities to refer them business first.