Entering the MHP World

Alright… let’s test the knowledge and the willingness to help others in this forum.

I am 23y/o in Birmingham, AL; I work in a real estate development firm as an assistant controller while also pursuing my CPA. I am desperately trying to get my feet wet in the MHP space. I have a property I am looking to pursue at $500k asak price, 26 units, MHP is in okay shape, rent hasn’t been increased in 4 years. Park is in a great suburb.

I have a 3 unit property I bought roughly $60k under its value that I am aiming to sell and engage in a 1031 exchange for this property after the start of the year. I want to use these proceeds as a downpayment on the park, financials show the park to cashflow itself with the projected financing.

What am I not looking at here? What is not being considered? What other financing options could be pursued?

Seller is willing to wait on you to sell your other property? If it’s a great deal you might want to tie it up sooner (even if it’s a P&S with 4 month close)
Follow the DD steps make sure you’re not missing any flaws in the utilities and you’ll be fine.