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Updated over 9 years ago on . Most recent reply
Wholesaling mobile home park
My business partner and I have come upon a mobile home park near Houston and they're looking to sell. I have a list of question below, but was hoping there might be some more I might need to ask to ensure this is a good deal/everyone involved can win.
does each unit have it's own water meter?
how do tenants pay?
what is the gross income per month?
what are the operating expenses?
average occupancy rates? how many people who their own mobile home?
what do they pay?
how old are the mobile homes?
Most Popular Reply
Matt
I've got to agree with @curt smith on this one. Unless incredible terms have been worked out or an absolutely amazing price, I would want to do my own negotiations.
Good job, with getting the due diligence done though. That is worth quite a bit. Get as much info as you can about the infrastructure of the place. (water, sewer, garbage, p&l, rent roll, what reports do they run? Any violations with the city/county/EPA/etc., why are they selling, Do they self manage or have management in place, do they have a mtg/dot, would they consider taking any of their purchase price in payments, how many lots, family park or 55 and up, are these individual owners or park owned, what's the ratio of home owner to investor in the park, etc)
The more details you can get, the more info you can provide, surveys, water tests, all the reports you can get your hands on, then turn them over to your buyer, you will be worth your weight in gold.
Feel free to PM me with any questions and details, as I may be interested.