I'm currently in escrow on a small (20 unit) Oregon park and am looking for any state specific advise and vendors /lenders (plumbers/electricians/handyman/property managers).
I've been focused on flipping residential real estate in California for the past 10 years and have an extensive construction (licensed GC) background as well, but am new to the commercial side. Frank & Dave's boot camp was very helpful in getting my feet wet, and I plan to follow their Due Diligence manual to the T, but am also hoping to get some other real world advice from the West Coast park owners.
Here are a few of the points I am already aware of:
* City water / city sewer
* Previous owner went into foreclosure and heavily neglected the property
Currently property manager company is 60 miles from park and is mismanaging the park (rents are often 60-90 days late according to rent roll)
Phone call with City advised that multiple building code violations exist and that electrical pedestals will need to be replaced/upgraded
Current expenses are 50% (sub-metering water should significantly help this)
Any thoughts or referrals would be greatly appreciated.