Requity advances roughly 5 of every 100 mobile home park opportunities we review, and the 95 we decline tell you more about our discipline than the ones we buy.

The Funnel Starts With Hard Screens

Before a deal reaches a human conversation, it passes a fixed set of filters. We do not bend these to make a marginal property fit the model.

  • Occupancy: stabilized parks at or above 80 percent physical occupancy, with a clear path on the rest.
  • Lot rent position: in-place rents at least 15 percent below the local market, so income growth comes from correcting a gap rather than guessing at appreciation.
  • Infrastructure: public water and sewer preferred. Private systems require documented inspection and a funded reserve.
  • Tenant-owned homes: a majority of homes owned by residents, which lowers turnover cost and stabilizes the rent roll.

How We Stress the Numbers

We underwrite to in-place income, not pro forma. Every projection assumes a vacancy floor and a maintenance reserve per lot, and we model a higher exit cap rate than the entry cap rate so a deal must work even if the market softens.

If a park only pencils when we assume aggressive rent growth and cap rate compression, it does not pencil.

The Role of Bridge Financing

Some acquisitions use bridge capital to fund the stabilization period before a long-term refinance. Our bridge product is interest-only with a standardized structure. The rate ceiling we never exceed is 8.5 percent to 13 percent, and pricing is not negotiated deal by deal. You can review the structure on our lending page.

What This Means for the Fund

Selectivity is the point. By passing on the majority of what we see, we concentrate capital in parks with measurable income gaps and durable infrastructure. The Income Fund carries a 10 percent target return, which is a target and not a guarantee.

  1. Source and screen against fixed filters.
  2. Underwrite to in-place income with conservative reserves.
  3. Stress exit assumptions before committing.
  4. Fund and stabilize, then refinance into permanent debt.

Investors who want to see how this discipline translates into portfolio allocation can learn more on our fund page and request access to the next allocation window.