Realty411 Magazine The Best of Realty411 - Learn from Our Past Issues | Page 24
M
y company,
Affordable
Communities
Group, LLC
(ACG), based
in Cary, NC,
specializes in
purchasing
distressed mobile home communities
at distressed sales prices, rehabbing
the properties over 915 months and
then either obtaining a refinance
from a financial institution or
flipping the property for significant
the brokers and establishing a track
record with them is very important.
We like the greater Cincinnati –
Dayton market because of its large
population (over 3 million
combined) and strong base of
employment. The multifamily
business, whether apartments or
mobile home parks, is all about
having strong employment near the
property. Lot rents are solid in this
market as well , ranging from
$325 $375.
We purchased the two parks for
$1,150,00 all cash. One park had 306
spaces with 55 residentoccupied
homes and 120 empty homes. The
other park had 84 spaces with 34
residentoccupied homes and 3
empty homes. Both parks had been
in steady decline for 5 years. In fact,
we had to tear down 101 homes at
the large property because they were
in such bad shape (a goal in any
purchase is to save as many homes as
possible).
Continue on pg. 26
INVESTOR AND AUTHOR MIKE CONLON TEACHES HOW TO
I n v e s t i n M O B I L E H O M E S
By Mike Conlon
gain. We have done 16 full cycle
deals (buy, sell, rehab) for sales
proceeds exceeding $65 million over
the last 9 years. We also currently
own over 3,000 mobile home spaces
amongst 12 parks throughout the
Southeast and Midwestern U.S. for
cash flow purposes.
We have just recently finished a
12month rehab project amongst two
parks in the northern Cincinnati
market that we run as one combined
park, (they are 10 minutes apart). We
use one manager to cover both parks.
We purchased the deal on October
26th of 2012. Both parks were REO
(bank owned) parks that we bought
via a brok. This was an offmarket
deal that was not listed on any public
websites. In my business, knowing
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