Bought my first park in Dec. 42 spaces, (38 occupied) no park owned homes, in Maine $650,000.
A big thanks to the great people at MH Millions 2006 and the posters on this site.
Boy, have I learned a lot along the way. Some thoughts: Look at a lot of parks to get a feel. I visited a dozen and ran the numbers on many more. Look at their numbers but use your numbers. Property taxes may be 50% higher for you for example.
Double check the professionals. I found a $3000 error in the closing adjustments, errors by the surveyor for example. Send out estoppel letters. Not for the info - many won’t respond - but to see which ones come back undeliverable. About a third of mine came back because people use PO boxes, or the rent bill is sent to someone else. The seller didn’t have mailing addresses for many of the residents. Glad I found this out before sending rent bills.
Get an estimate of the banks attorney fees in advance so there is no surprise since you pay for their attorney. I found out the day before closing, their attorney fees were $5000 - double my own attorney’s fees. Some banks use a 365 day mortgage payment calculation so your payment cost will be a tenth of a point higher than your calculator.
Add a tree service professional to your due diligence. I didn’t because I looked myself and didn’t see any dying trees. Now I do. A tree can cost $2000 to remove.
This deal took 6 months from LOI to close. It was complicated by the need to split off some land, but still allow plenty of time. I live about 4 1/2 hours from the park. It is a workable distance.
I’m having fun with this. Have hired a snowplowing service, trash removal service, park manager, developed park rules, a website, and slick professional billing with payments sent directly to the bank all in place and working within the first 10 days. The best part is, I had a couple free days last week I could use to go to the park. Then I thought about it - I really don’t need to go! I’m already thinking I would like to have another park.