02/10/2026
The risky question you ask yourself in a competitive market:
How much upside do you bake in your underwriting?
Competition is fierce right now in mobile home parks
Everyone wants to buy them (big players & small)
And sometimes you look at a winning bid
and wonder how someone got there!
This one checked a lot of boxes:
→ 52 units
→ Strong metro
→ High average household income
→ Same state we already operate in
We submitted an offer that worked, but didn’t get it...turns out we were $400k off the winning bid!
Biggest reason why is that we factored in the new statewide rent regulations.
So someone else was willing to:
1. Pay for more future upside
2. Accept more regulatory risk
3. Assume a cleaner biz plan ex*****on
(Or maybe all 3)
Good asset.
Good market.
≠ the right price for us.
On to the next one.
