I am very close to having a park under contract that is out of state and I am trying to plan out my trip to the park. How many days should I plan on being onsite for my due diligence?
You should not need more than two days (and when you get more comfortable with the process, you might be able to knock that down to one day). You will want to: 1) walk the entire park both front and back 2) look in every vacant unit 3) meet with the current manager and/or owner 4) meet with the Chamber of Commerce 5) meet with the city zoning and inspections departments 6) drive all the other parks in town 7) drive all over the town and get a feel for its future and current condition 8) meet with any mobile home dealers 9) meet with plumbers/electricians/pavers – any vendors that you will need for major improvements 10) take a million photos and videos for your records and bank presentations 11) count the number of lots and the number of homes 12) ascertain if any of the units are vacant. AND FOLLOW THE 30 DAYS OF DILIGENCE BOOK TO THE LETTER.
With the invention of the internet, the lengthy diligence stay is over. There is a ton of diligence that you can complete by phone and internet before ou even set foot on the property.
Thank you for your quick response Frank. And, I will follow the 30 DAYS OF DILIGENCE BOOK TO THE LETTER.
Can’t find the 30 days of due diligence list, can you tell me where it is?