Hello, I’m looking at a mobile home park where the owner is deceased and his next of kin a nephew is putting it up for auction. I’m having a hard time gathering the details and completing my diligence on the park for the nephew knows very little about it. I contacted the auctioning company they said they preparing a bidders presentation and will email when it is completed. 10 mh occupied lots and it looks to be roughly 7 rundown RVs around the park i believe there to be a total of 20 lots its difficult to count because there is a lot of junk laying around the park and would need alot of cleaning up. that being said the park is in a demand area my test ad (one post on craigslist) has produced at least 5 calls a day the past week. anyone have experience with buying at an auction?
Bought a run down park next door to us since it was a negative for our outstanding property and residents. We knew exactly what we were buying plus set a price limit–our bank was on board and in 30 days after the auction we started cleanup. The small size will limit your pay back as per time input plus the future buyers it could attract. Needs to be close by since cleaning up is best done in person if your are new to the area. When we buy we project where it will be in 5, 10, years–plan on doubling your money in 10 years or less. Presently there are bargains in the Valley (south Texas) very familiar with the market.
thanks for the response any advice for the auction or cleaning process?
Set you price BEFORE the auction–you might be bidding against a lien holders (others) and will suck the profit from the sale. We have our OWN equipment and just make sure ANY thing that has a possible title YOU make sure before you mess with it you have the tittle or you might end up in court with a past resident who things their stuff is really valuable. If in the city zoning be VERY careful!!
it has open zoning its just out of the city.
and what might have these title problems park owned mobile homes?