I am just about to open escrow on the sale of a rental property. I am expecting around $125,000 proceeds which I can use for a down payment on a park. I have $20,000.00 set aside for expenses or emergencies in addition to the $125,000.00. It’s not very much money and will be even less if the government cuts into it, hence, the reason for the 1031 exchange. I am in California but willing to (probably forced to) buy out of state. I prefer the warm climates (like many) but most of all I want to buy a good park and make a smart deal. Having said all of that, I am seeking advice on what should be my priorities (and other gratuitous words of wisdom). I have been to the boot camp and read and understand the material, but due to my limited funds, and based on the parks I have reviewed for sale, I know I will have to compromise. Right now I am feeling inclined to try and get a park with as many spaces as I can in an area where demand is solid. I want a park large enough to support a manager. If it has private utilities, then although I was told to stay away, perhaps that will have to be my compromise. Perhaps it will have to be taking on some park owned homes, or something else. From what I can see offered in my price range, I don’t get to have it all.
Any guidance in prioritizing will be very much appreciated.