I purchased the home study course a few years ago, and have lurked here off and on. I have made a few offers here and there but nothing accepted. Just wanted to get a feel for it. I am in Florida, so I have had to look elsewhere. Without getting into too much personal info, it is likely that I will be on my own as far as MHP investment goes. With 20+ years of multi family property management experience, investing in MHP’s is a great direction for me personally. I am not at all concerned with managing from a distance, my concern is during the due diligence phase. Is this something that typically you need a team of people to go in and do inspections, etc? Is this something that I would be able to handle on my own? Maybe this is covered in the Due Diligence manual? Are there any other single females out there doing this on their own?Thanks for any insight you can offer. I believe this part of the process is what has been holding me back.
You can do competent due diligence by yourself, from your home or office, and only need maybe a day in the field and some third party reports to complete it. You want to follow the methodology of the 30 Days of Diligence manual (which is what we do ourselves), and you can fill in most of the information through the internet and telephone research. When you arrive at the park, most of your diligence has already been done in advance, so you do not have to spend much time there. Your “team” is nothing more than paying an electrician and plumber to look at the systems, and then your Phase I Environmental person. It’s not as hard as it sounds, but you HAVE TO FOLLOW THE PLAN. You don’t have to figure out how to do the diligence – we can show you that. But you have to follow every inch of the assignment. If you can make good grades in college, then you will have no trouble doing due diligence on a mobile home park.
I’d second what Frank has said. We use the ‘30 Days’ manual for all our due diligence. And you actually only have to have gotten good grades in high school, not college, to complete it successfully. -jl-