How do I SELL a park?


#1

Hi all,

We own 14 properties and I’ve never sold a house or park before. Our first sale closes this Friday and I’m curious what I need to do the day of closing in order to keep everything clean and tidy. For example:

  1. Close the bank account.
  2. Cancel insurance.
  3. Get any master metered utilities out of my name.

@frankrolfe @Jefferson do you have a checklist for selling a park?

Thank you! Will


#2

Close your LLC if you have one.


#3

Don’t close your bank account just yet. Inevitably you’ll have something to settle up for with the buyer or with a utility company (e.g. security deposit refund) etc. But I would probably turn off all ‘auto-pays’ from your bank account.

Yes to transferrring the utilities to the new owner. Don’t forget your phone too.

Make plans for what is happening to your employees and their pay. Stopping auto-payment? Paying a ‘thank you’ bonus? Other?

To your continued success,

-Jefferson-


#4

You should read all of the tenant’s sub meters. The revenue from that should be the Sellers. Rent is paid in advance and utilities are paid in arrears.


#5

These are all great pieces of advice. I have a due diligence document a mile long for purchasing parks, but don’t have one for selling parks. Anyone out there have a park sale checklist? Thank you all!


#6

I just remembered, real estate writer extraordinaire, John T. Reed, has one that is very thorough. He is very big on check lists. You could go to his web site and write to him about it.