Mobile Home Park 1st purchase, need advice
Hi there BP! I've stumbled across a package deal to acquire 3 Mobile Home Parks. The seller will carry 50% if I purchase all three parks. The prices are right, and they all cash flow with tenants owning all but 2 of the homes. These are smaller parks, but they cash flow nicely.
What are some pitfalls with mobile home parks?
What are some things that I should be mindful of before making this deal?
Are there specific questions that I should ask?
I've asked for the financial statements, and they look solid. This would be my first deal of this magnitude. I don't want my excitement to cloud my judgement, so any advice would be helpful.
Thanks!