Being this far away on price, you have to take a different approach. Let the owner know that you would be more than willing to pay them what is fair. Spend some time talking to local banks in the area. They typically use the income approach for valuations of MHP’s. The banks, too, do the numbers. Their valuation may only be $125,000. From here, you can go back to the owner with a few pages from the bank and let them know the bank’s valuation. It helps when you approach the owner with third party credibility.
