3rd Party MHP Management!???? 🤷🏻‍♂️ 😬

, & @anyoneelse. Of the 10 parks I've bought I've always managed everything in-house. All operations from A-Z were done by my team.

Taking on a lot of heavy-value ad parks in a short time required a lot!!! We learned SO much, made MANY mistakes, & still are learning better ways to do things. That’s something that will never change.

With the 7 parks I currently own, we run our team lean and mean to cover all operations.

Although I'm looking to begin acquisitions again soon & assessing the best ways to grow. 🤔

I'm looking to buy 3-6 parks in the next 12 months & each year thereafter. Maybe more, maybe less.

But if we continue to manage in house, I know I'll need to beef up my team more & dial in systems/operations better. I know which roles I would hire & roughly how that'd look. But again I know it would be a lot of work, which I'm not afraid of if I needed to do it.

Although I love…

➡️ Acquisitions

(art of the deal)

➡️ Investor Relations

(finding the right partners to get the deal done with)

To become an expert in an area I know you need to be super focused and go super deep on a skill.

I'm considering the possibility of hiring a 3rd party management company to execute the plan and run the parks.

I know this is a hot topic and I’ve heard many nightmares around this & there is the old saying, “no one will care of your properties better than you will.”

I could see that over the next 3-10 years we’ll eventually have management back in house, although I’m trying to assess for the next 2-3 years while mastering a craft of acquisitions and raising capital do I want to have another expert run management.

I realize anyone can find a good deal & get it closed, & the real money is made by properly executing a business plan, but I’m curious if there’s a middle ground to find.

I expect it’ll be like finding a needle in a haystack to find the right management company, but would it be worth it!??

I know it’s tough to give specific advice or feedback without the most context on my current business, life, goals, experience, etc, so happy to give more if needed.

Future acquisitions are going to be in a tight radius, at most 4-6 hours from where I live, ideally closer. So either way I will be close to check in and see things often.

We’ll continue to buy value ad MHP & RVPs, most we’ll buy, stabilize, & refi. Others we will sell.

I’m looking for 2 things during this discovery phase.

1️⃣ Feedback / suggestions / input from others on how to go about this or how NOT to.

2️⃣ Either way I want to interview 10+ possible MHP management companies.

Prefer < 100 parks under management, likely < 50. (More focus with me. I expect it’ll likely be a smaller more hands on, entrepreneurial based company)
Already has a footprint or experience in Texas. (preferred)
Done many HEAVY value ad / turnaround / infill parks.

Looking forward to y’alls thoughts and if you know of any companies I should interview, that would be great!!! 🙏🏼

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