A note from Ray:

A few years ago I was faced with a decision: either update my course, DealMaker's Guide to Mobile Home Parks or let it go out of print.

Written in 1999, the topical references in the text had become dated; the documents were on a floppy disc and computers no longer came with floppy drives; and valuations of income-producing real estate had skyrocketed.

To the last point, investors were writing me and criticizing the 10% to 12% valuation cap rate used in the course as unrealistic and out of touch.

In my view, things had not changed that much. Property valuation is a reflection of the risk and effort involved in the investment.

In my opinion, the risk profile of parks the course was aimed at (50-150 spaces) had increased due to the explosion of competition from single-family home sales with sub-prime mortgages.

Coupled with the total meltdown of financing for manufactured housing (well before the sub-prime fiasco) mobile home parks were struggling to compete in the affordable housing space.

Frankly, I got tired of defending my position, and (considering the amount of time it would take to revise the text, update the documents, and reprint a course...all for a property type under considerable stress) I couldn't justify the time that would be required to do it right.

When the last print run sold out, I didn't order another one.

In the years since, I have been amazed at the number of people who continued to track me down to get a copy. I didn't keep records, but it became such a regular inquiry to my office that everyone who answered our phones knew the stock answer: "No, the course is out of print, we have no inventory left, and Ray has no plans to reprint it."

I figured that over time people would forget about it, but the calls never completely stopped.

Last spring (2009), I got a call from an old friend who wanted me to speak at a conference for commercial real estate investors. As we talked he made a statement that took me by surprise: He had a number of investors asking for information about Mobile Home Parks.

He asked if I would speak on the topic, and reprint my course for the conference attendees. I started to recite the litany of reasons why I didn't have time, but he cut me off with the promise to buy an entire print run if I would do it. Given the appeal to my mercenary instincts, I agreed.

It took over a month to go through the entire course and rewrite the sections that reflected the new reality of real estate in the midst of the Great Recession. I was not surprised to find that conditions had come full circle.

Lo and behold, cap rates in today's market have returned to about where they were ten years ago. Seller financing is still the most often used source of financing.

And during the housing boom, park owners doubled down on the bad bet of renting homes, a particularly delusional practice that is the death of investment value for parks, but the source of incredible opportunity for investors who know how to fix the problems it causes.

Now, as was true a decade ago, the opportunity to acquire mismanaged parks at a fraction of replacement cost is one of the best-kept secrets in the investment world.

Affordable housing never goes out of style. Sub-prime refugees have rediscovered manufactured housing as an alternative to rental apartments. Demand is rising, and supply is limited.

Those who combine park ownership with the "Lonnie Deal" model of buying and selling used homes on notes can create a money machine.

Once word got out that I had reprinted the course, the phone started ringing again. This was crazy. I got a call from a friend and colleague who wanted to offer the course to his clients. I was asked to speak at another event with a request for the park presentation.

So I ordered another print run, and making it available where it all started, here on CRE Online.

I started my investment career working with mobile home parks. At one time my dad was one of the largest mobile home dealers on the east coast, and the numerous parks we owned and operated were essential to the growth of our family business.

I'm happy to make DealMaker's Guide to Mobile Home Parks available to investors once again.

Best of dealmaking,

ray@lcorn

In DealMaker's Guide to Mobile Home Parks, Ray Alcorn uses his lifetime of experience in dealing with one of the most profitable property types in the investment real estate arena. Written from a hands-on, real-world perspective, this book provides invaluable information about how to identify opportunities, determine property value, acquire and manage a mobile home park.

In 108 pages of text and a LARGE Appendix of forms and contracts included on CD, this work covers everything you need to know about profiting from mobile home parks, including:

• The three unique factors that make mobile home parks an ideal investment





• How to evaluate mobile home parks





• How to document income and expenses





• How to conduct market research





• Why rental homes are the death of a park, and how to profit from the mistakes of owners who are now very motivated sellers





• Performing due diligence and exposing shadow rental homes





• Tools for financial analysis, including spreadsheets and valuation calculator





• Calculating the property's upside potential





• Deal structure and contract negotiation





• How to use financial analysis and projections to get the money for your deal





• Finance sources for mobile home parks





• Loan proposal and presentation





• Takeover, operation, and management alternatives





• Marketing the park and creating multiple income streams





• Sell or hold analysis





• Selling a mobile home park





• And much, much more!

You also get all the checklists, forms and contracts you need, in both hard copy and on CD, including:

• Letter of Intent to Purchase





• Two complete Contracts for Sale and Purchase





• Schedule of Exhibits to contracts





• 100 item Due Diligence Checklist





• Pre-loaded spreadsheets for evaluation and projections (Excel)





• Valuation calculator (Excel)

DealMaker's Guide to Mobile Home Parks is a definitive work, and it's a "must have" for anyone considering the purchase of a park. Order your copy now.

For a limited time Ray has agreed to make his just-released 2010 Commercial Real Estate Forecast available FREE with the purchase of this comprehensive home study course, Dealmaker's Guide to Mobile Home Parks.

CLICK HERE TO ORDER RIGHT NOW

60-DAY RISK-FREE GUARANTEE Receive all the materials and all the bonuses. Take 60 full days to read and listen to everything. If you're not absolutely thrilled with your purchase, simple return it to us for a full refund. No questions asked.

Some "rave reviews" from Ray Alcorn's students:

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