Checklist for 1st MHP Purchase

mobile home university
1

Good afternoon, All.

Brand new to the forum, and first time poster. I have been cramming knowledge for a while, as I’m highly interested in acquiring my first MHP. I’m constantly searching for potential deals online (mainly mobilehomeparkstore.com). I put together a couple key themes that seem to come up in my education when looking for a good deal. I’d like my first purchase to a reasonable size, so the returns are worth the effort but the size is not too overwhelming as a beginner. Wondering if I’m missing anything in my checklist below, or if any part of my mindset could be altered? I definitely understand how important the first investment is, so any advice is greatly appreciated:

Checklist:
-City utilities
-ability to sub meter

  • 10% Cap rate or greater
    -Mostly tenant owned homes (if there are POH, don’t include rent in Cap)
    -70% Occupancy or greater
    -Obtain 2 years of tax returns from seller to verify expenses/income, and obtain rent roll

Before I pull the trigger, I want to give myself the best possible shot of success so any advice for my first purchase is greatly appreciated.

Thanks,
Matt

2

If you are serious about this, I would say the first thing to do is attend one of Frank’s boot camps. They are excellent and it is not often that when you are going into a new business that you can spend three days with someone at Frank’s level of experience and success and learn the ins and out of the business.

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3

I agree on the Boot Camp tip. That’s a firehose of information for three days. Frank will certainly advise you what not to do.

Also, start with our “Manufactured Home Community Self Inspection” form found in the “Loss Control” tab at www.Mobileagency.com That may trigger some questions you haven’t thought to ask/investigate.

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