Welcome back,
Many of you know I’m on the quest for mobile home parks for sale. A unique opportunity came across my desk that I wouldn’t pass up. Like my mindset when it comes to investing in the individual mobile homes – every seller deserves to hear an offer.
With only 8 units (all park owned homes), this smaller-than-I’d-like park was no different. 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 7.5 years.
- Happy park seller… check!
- Happy investor (me)… check!
- Win-Win terms offer accepted… check!
Now it’s time for the due diligence phase.
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. This fact checking can be performed right until closing. During this process you are making 100% sure you know what you are buying and there are no surprises.
In the video below we go though the first few major steps with regards to proper mobile home park purchase due diligence.
In this video we learned:
- Who are some of the folks to chat with in your local town?
- Where to verify criminal activity nearby?
- How to check for local “for rent” properties for sale?
Related article: Mobile Home For Sale? Tell Me About It.
If you have any real estate investing questions or know of a park for sale do not hesitate to reach out to me at the email address below.
Love what you do daily,
John Fedro
support@mobilehomeinvesting.net
Hello John,
congratulations John. Very entertaining and educational video. Did you end up buying this park?
Thank you,
Julius
Hi Julius,
Thank you so much. Very happy to help… And entertain. 🙂
I did not end up purchasing this park. After much consideration there were only eight units and I realized this deal would’ve taken up more time than the profit was worth. I was very excited because this would’ve been my first deal however I passed and very thankful I did. Any parks I look at from here on out will have at least 30 units minimum. I hope this helps and makes sense.
Talk soon,
John