I am new to the park buying world. I am looking at buying a park from a friend that I think I am getting a good deal on. It has 32 Lots and they are and have been full at all times. The lot rent is $140 per. I will pay $900 yr in Insurance and $1150 yr in taxes. All lots pay their own water, elec…etc. The purchase price is $400,000. Does this seem like a good deal?
I need to know where to start, do I need a survey, any approvals by state or county. Park has been open since 1994. What all should I do or have done prior to buying it?
Lastly, about a year ago the land to the north began pushing the water between two trailers and down to the draining running along the street. Well, the water gets bad during rain and it takes weeks for it to dry out while it continues to look like it is a running faucet. Is there any true concerns I need to look at, where do I start with having it looked at to make sure it is not going to cause me problems? Any and all help is really appreciated. Thanks