Hmmm. Let’s see. Do you also want the history of the world in 100 words or less?
Am (hopefully) closing escrow in a couple of weeks and DD has consumed my life for the past couple of months. Here are some things to look at.
Start with the 60/30 rule and keep density to less than 10 per acre.
Sewers and city water are the only way to go IMHO.
Who pays for the water? If it’s you, you need to figure out how to make the residents pay.
What are the sewer and water pipes made of? Think plastic (schedule 40 PVC or ABS) good/metal (or clay) bad.
Send a camera down the sewer lines and expect unpleasant surprises. Also expect the slimeball, I’m sorry - the seller, to tell you there has never been a problem.
Can you fit 16x 80s in each space? The answer should be “yes.”
Avoid flood and other hazard zones. There are too many deals in non-hazard zones.
Are there any dealers or other mobile home related businesses in the area? If not, find out why.
Figure out how you are going to fill empty spaces before you close escrow.
Is the community legal? Does the seller have a permit to operate?
Assume anything the seller gives/tells you is a blatant lie and proceed from that point.
Who owns the electrical and gas lines? It had better not be you.
Amperage per space should be at least 100 with the ability to upgrade to 200 if needed.
Ignore the seller and agent and talk to as many residents as you can. There are many reasons the seller doesn’t want you talking to them. One of the big ones is that residents often will alert you to problems the seller would prefer you never became aware of.
Get pre-approved for a bank loan before you begin negotiations. Money (as in financing) talks.
Plan to spend much more money and time on DD than you ever thought you would.
Be very nice to City Hall and the local health inspector. Chances are you will see them far more often than you anticipated.
Join the statewide trade group.
Become familiar with companies like Edison Micro Utilities.
Get a phase 1. If you are too cheap to do this, then you have no business being a community owner and should stick to Lonnies.
Find the best inspectors you can and be on site when they are inspecting. Your presence makes them work harder.
Read this forum religiously and attend things like MHM, MOM, bootcamp, etc.
Get a survey that shows all structures at or above ground level except for the homes. Costs more but you will certainly need it.
Don’t stop asking questions of everybody but GOTC and do the needed legwork yourself.
Think long and hard before you enter this venture. The profits are there but it is an enormous amount of work and you could lose your shirt if you are not careful. I certainly did on my first community.
That’s enough. I suspect it will take you more than a while to digest all of this.