Thanks for all of your help. I think I’ll probably try managing the park myself from out of state using Quick Books, unless there is a better program anyone can recommend. Also, another question I have is: How can you tie up the property for the correct price without actually going out and visiting the current owner first? In the 10/20 book it was mentioned that they always tie up the park before taking the time to go visit the park. It makes sense that you would do this before you dedicate the time and money to see the park, but I just don’t understand what kind of bargaining power you would have to get the right price without knowing much about the park. My guess is that you tie up the park for a price based on the limited information you have and then negotiate that price down during the due diligence period, but I’m not sure that is correct. Also, I was curious how the mobile home park industry has done during this economic downturn. Have you seen prices drop? Is financing hard to obtain? Thanks for any help.
-Brett