I've been looking into a plan for buying a small park sight unseen but it doesn't seem there is a good way. Unlike SFR/MFRs there seems to be no inspection/appraisal sub industry available to handle those aspects. Meaning not doing an in person inspection yourself is a huge risk.
Is this accurate or has anyone found a good way to inspect an MHP without visiting and doing it yourself?
Hey @Sean D
There is no "good" way to buy any park site unseen. Sure, you can do it, but you will almost definitely regret it later. Essentially you are playing the part of GC for the inspection and subbing all the individual parts out to others (utility inspections, home inspections, etc.). However, the subs have no stake in your park so you need to be physically out there to make sure what they are reporting is in line with what's there. Plus, there's really no way you can know for sure what you're buying from a few photos, especially when it comes to parks.
The only other alternative I see here is to partner with someone who is either local or doesn't mind traveling to different parks. But, I'd say just take a flight or drive to whatever park you have UC. You can likely write off the entire trip anyways if you structure it properly.
Hope that helps a bit. Please, feel free to reach out anytime if you have other questions or just want to chat!
@Sean NA Personally, I wouldn't do that for a small mobile home park. I'd have to inspect it myself and work with the right people to help me with my due diligence. I know @Ali Boone buys properties out of state and may have a few tips for you when buying remotely, if you want to connect with her. She's written on the topic extensively for the BP blog. Best of luck with everything!
Whats up Sean I bought one withount being there and now it performs great. Ive still havent seen the park and its been a few years.
Hi @Sean Dezoysa . I have a friend who has been professionally buying mobile home parks for about 17 years. He did all of the remote due diligence, put a park under contract, then flew there for his onsite inspection. He stepped about 5 yards into the park, then turned around and got in his car to go back to the airport. The place was an absolute nightmare and the seller was somehow able to hide that until he got there. Do yourself a favor and don’t invest without going in person. Good luck!