The MHP Brokers Tips and Tricks Interview with Broker Eric Wanck Regarding a Recent Mobile Home Park Sale in Southern Alabama

In this episode of The MHP Broker’s Tips and Tricks podcast, Maxwell Baker, president of The Mobile Home Park Broker, interviewed The MHP Broker Eric Wanck regarding his sale of a small park in a tertiary market in southern Alabama with a challenging appraisal. 

As with every Tips and Tricks podcast episode, this one is brought to you by The MHP Broker's proprietary Community Price Maximizer. Use this four-step system to get the highest price possible for your mobile home park or RV community when you sell it through The MHP Broker. Guaranteed. Call Max for details.

Here Are the Show Highlights:

• The MHPBroker Eric Wanck recently sold a small park, for the second time, in a tertiary market in southern Alabama–but not without its challenges (Max, 0:22)
• The park made for a challenging sale because it was small, with less than 30 pads, and had an abundance of park-owned homes (POH) and rent-to-own (RTO) homes, On the other hand, it had city water and a good septic system. There was plenty of buyer interest, and Eric found a buyer with some industry experience, but not a whole lot. The buyer needed help getting financing, and Eric and The MP Broker were able to find a good debt source. (Eric, 1:22)
• However, the appraisal process became a hitch. The bank appraisers came back low. Eric didn’t give up on the deal, but got his clients to hit the middle ground on price so the deal could go through to the satisfaction of all parties. This took a little more time than he would have liked, but they were able to close in five or six months. (Eric, 2:55)
• The appraisers didn’t appreciate the presence of the several POHs. They didn’t take into consideration the significant rent deposits due to all of those POHs and RTOs. Eric worked with the lenders to get that stable income considered, but it was the kind of challenge that park sellers always run into when selling properties with a lot of POHs. Lenders tend to see that as more of a liability than the consistent income-producing asset it might be. (Eric, 4:22)
• At the end of the day, Eric and the MHP Broker team knew how to handle the obstacles, and they kept in constant communication with the appraisers and put together a deal that was beneficial to their client as well as the buyer. (Eric, 5:56)

Even the toughest obstacles can be overcome if you have talented and experienced mobile home park brokers on your side. At The MHP Broker, we guarantee a park sale at the highest possible price. Call Eric Wanck or Max Baker at The Mobile Home Park Broker, [phone]. You can also drop us a line at [e-mail].

Power Quotes in This Episode:

“...because we had buyers coming to us left and right, saying ‘How am I going to get this done?’ and we provided that solution.” (Eric, 1:28)

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