Due Diligence


#1

Everyone talks about doing extreme due diligence. Where would one go to find out what, where,when, how to do complete this. Is there a guide, a book, a established plan on doing this. This forum has a endless amount amount of knowledge posting everyday I was just wondering if theres something out there that I could purchase to help me not make a costly mistake in the beginning. I have a park under agreement and 60 days to do DD. Any suggestions Appreciated


#2

Terry,

You have many assets on hand through your computer- do some digging for resources. There are products available on this site as well as other products and people out there for MHP due diligence.

If you have a real estate background you will already have some good ideas for due diligence.

To answer your other post about a property manager, yes, you could start with the existing manager and see how they do, or you could hire someone with property management experience. I’d probably spend a great deal of time interviewing prospects, including the on-site person and then choose whoever fit my needs most closely. A MHP is going to be pretty hands-on for the first 6 mos-year, and you should plan on being involved even if you are far away.

My most sincere suggestion would be that you hie yourself over to Orlando in June for the MHMIV meeting. It will be very timely help for you and you’ll meet many people who already own and manage parks from afar.

good luck,

Anne