Hi all,
On average how much time is spent evaluating each prospective property?
How many properties are evaluated before making an offering?
How many offers are required before a deal actually closes.
On average how much time is required during due diligence?
Thanks Alex
I’m new to this but I had 2 properties tied up before the current one, which is my 3rd. It will take a major issue to keep me from buying this one.
Personally, I evaluated many dozens. Most you can kick out in 15 seconds or less. Seriously, with the knowledge from the bootcamp and this forum all it takes is a calculator and a few seconds. If they pass the initial screening I did more thorough evaluation using satellite photography, Google drive by’s and such. If they pass step one, step 2 takes 5-10 minutes at most.
Due diligence - Frank says 30 days. That’s a really accurate time frame. I agreed to 21 days for my current deal and regret not pushing for more. It can take at least 10-14 days to get back important reports such as surveys’ phase 1’s etc.
Thanks! I’m trying to determine if I have enough time to run my current business (30 hours/wk) and plunge into mobile home park industry and maintain time for family.
Yes, this is a very part time undertaking unless you are rehabbing homes, or doing major projects. I think a few hours a month paying bills, logging rent roll and speaking to manager once or twice a week will do it.
Even with major sewer problems (collapsed line etc…) its mostly on the phone.
I will visit the 40 space park I have every 3-4 months for a few hours. I spend the most time planning the trip and getting there.
What I don’t personally suggest is owning a park across the country, mainly bc of depending on airlines and flights. After experiencing numerous problems with airlines I have decided no more cross country ownership.
Alex, I seriously started looking a few months ago and I’m spending about four hours a day searching for a park Monday through Thursday. When I find one, I can include/exclude it in about 15-30 minutes. I’ve reviewed several dozens so far. Made one offer that I rescinded during the negotiation process. I’m currently working on a park and spending all my time back and forth with the owner via their broker so it’s moving a little slower. It’s doable but you have to block some time to reach your goals. Hope this helps.