Mobile home park due diligence manual pdf
"Must have" due dilligence manual?Sign up for this week's free webinars hosted by experienced investors or view previously-held webinar recordings in the Archives. View all Local Real Estate forums. I've been eating up everything on both this forum and the mhp U one as well as the park street partners podcast , is this really something I should invest another bucks in or can I glean the essentials from blog posts and such? I have not read either. However, due diligence in a nutshell is probably the most important part of the entire process of real estate investing. I'm not trying to be rude or anything negative but in my experience if I can't even come off a few hundred bucks for information that will last me a lifetime then I was certainly not in a position to buy and sale any type of real estate.
Mobile Home Park Due Diligence Manual
Like my mindset when it comes to investing in the individual mobile homes — every seller deserves to hear an offer. The sellers are looking to sell, and our company is in the market to purchase. After successfully making a Win-Win offer and some negotiations a Purchase Contract was reached and signed. The park was to be profitable in a few months and break even in 7. Due diligence is the roughly 30 to 90 days of pre-screening you and hired professionals perform once a Purchase and Sale Agreement is signed.
Due Diligence Basics
This is where Frank or Dave or Both of us will be on the phone answering questions or talking about new things happening in the industry. - This manual allows you to find flaws that protect you from overpaying and losing your down payment.
Sign up for this week's free webinars hosted by experienced investors or view previously-held webinar recordings in the Archives. The checklist below provides a new Mobile Home Park investor a comprehensive starting point or an experienced investor the opportunity to expand and improve their current due diligence process. If you have comments or questions please reply! If this post could be of value to someone you know, please email or repost to Facebook, LinkedIn or your favorite social network! Real Estate Investing Basics Oct 06, Real Estate Investing Basics Oct 03,
Many people who purchase their first mobile home park investment grind it out, paying for the "privilege" of being in the mobile home park business with every hour of their day, and every ounce of their energy. And guess what? Many of these mobile home parks do not work as expected - their owners do And they spend hours and hours spinning their wheels Bottom line, if you want to get into the business and not make mistakes that could end up costing you thousands, if not hundreds of thousands of dollars and wasted time and energy, and if you are open and honest about this "reality check" then we are giving you a chance to wiggle free from this trap you have burrowed yourself into Now, how many times after you made a mistake did you hear or think "You should learn from your mistakes" or "I won't ever do that again"? Frank and I have definitely done this many times.
Anyone out there can buy a mobile home park as there are deals you can buy with no money down as well as those in the millions of dollars. However, many of those that have purchased mobile home parks in the past 5 years are having second thoughts now because they overpaid for the park for one reason or another. Here are the top 5 reasons:. The first four reasons could have easily been avoided had the purchaser educated themselves on the business. The last one was much harder to predict as most economists did not get it right.