@MichaelG , as per your post:
- "I think I will go for it and see where this takes me, though I have 12 days to change my mind."
Just a couple of questions:
- Will this be your first MHP?
- Have you received copies for at least 1 rolling year of the Master Meter Electric Bill?
- Have you received copies for at least 1 rolling year of the Master Meter Water Bill?
- How much are yearly taxes on the Mobile Home Park?
- Will the taxes go up when/if you purchase the Mobile Home Park? If yes, to how much?
- What amount in Income is currently coming in on the Mobile Home Park?
- Currently, is there a profit or loss on the MHP?
- Do you have cash to purchase this MHP?
- If no to cash, has a Bank agreed to finance this MHP?
- If yes to Bank Financing, have they seen the MHP?
- How much in cash or in Bank Loans will you have to do renovations to the MHP?
- Remove 6 Abandoned Mobile Homes
- Evict 3 Non-Paying Tenants
- Renovate Any Existing POHs - If there are any POHs, they are probably in bad shape.
- Bring In New/er Mobile Homes
- Pay For Others To Bring In New/er Mobile Homes
A Turnaround MHP might sound easy on paper.
However, in actual practice it is much harder, much more time-consuming, much more capital intensive and much slower than one would anticipate.
We wish you the very best!