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:
-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.