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Mobile Homes Buying Guides Amherst MA

This page provides useful content and local businesses that can help with your search for Mobile Homes Buying Guides. You will find helpful, informative articles about Mobile Homes Buying Guides, including "Mobile Home Park Due Diligence". You will also find local businesses that provide the products or services that you are looking for. Please scroll down to find the local resources in Amherst, MA that will answer all of your questions about Mobile Homes Buying Guides.

Barnes & Noble
(413) 584-2558
Mountain Farms, 335 Russell Street
Hadley, MA
Services
Complimentary Wi-Fi
Hours
Sun 10:00AM-8:00PM
Mon-Thu 9:00AM-9:00PM
Fri-Sat 9:00AM-10:00PM

Barnes & Noble
(413) 532-3200
7 Holyoke Street
Holyoke, MA
Services
Complimentary Wi-Fi, Toys & Games, B&N@School
Hours
Sun 9:00AM-8:00PM
Mon-Thu 9:00AM-10:00PM
Fri-Sat 9:00AM-11:00PM

Schoen Books
(413) 665-0066
7 Sugarloaf St
South Deerfield, MA

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Old Book Store
(413) 586-0576
32 Masonic St Ste B
Northampton, MA

Data Provided by:
Seth Nemeroff Bookseller
(413) 586-2220
46 Green St
Northampton, MA

Data Provided by:
Borders
(413) 493-1552
50 Holyoke Street
Holyoke, MA
Hours
Monday - Saturday10:00 am to 10:30 pm
Sunday11:00 am to 07:00 pm

Amherst Books
(413) 256-1547
8 Main St
Amherst, MA

Data Provided by:
Gabriel Books
(413) 586-5596
21 Market St
Northampton, MA

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Northampton Pride & Joy
(413) 585-0683
20 Crafts Ave Ste A
Northampton, MA

Data Provided by:
Albatross Books
(413) 585-8468
221 Pine St
Florence, MA

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Mobile Home Park Due Diligence



Mobile Home Park Due Diligence
Sun 07/20/08 11:41:08 am
by Dave Reynolds

DaveWhen I first started in the mobile home park business I really had no idea of what it meant to do due diligence on a mobile home park. The very first park that I purchased my due diligence consisted of about 30 minutes of driving through the town and park and another 30 minutes looking at the proforma income and expense statement provided by the seller.  I did not see any problems with the deal and it wasn't long before I put down about $60,000 and assumed some mortgages of over $200,000. 

I had heard about home inspections (like you get when you buy a single family home) but I had never heard about inspections on mobile home parks.  Such things as checking out the water and sewer lines and the gas and electric systems were foreign to me.  It never crossed my mind.  Luckily on this first mobile home park, all the utilities were in fair condition so I didn't get burned.  As far as verifying the financials, I just took everything that the seller said as true and went full speed ahead.  It was not long until I found discrepancies in the seller's numbers.  Again, with this park, I was able to work through the numbers and make the park work. 

In retrospect, I could have verified and renegotiated and saved ten or twenty thousand dollars.  It could have been worse. 

As I have continued to do deals, I used this same approach to doing diligence on the parks I was buying and it was not long before my luck started to run out.  Here are just a few examples of things I missed which ended up costing me hundred's of thousands of dollars:

  1. Market - I purchased a couple of parks that were in really bad markets that were declining.  Even though the parks penciled out at the current occupancy, I found out that when people left it was hard to find new residents to rent the lots.  Estimated Losses - $100,000
     

  2. Private Sewer System - I purchased a park with a private sewer system that had not been properly installed and was not meeting the permit for effluent - After spending about 2 years trying to fix the current system without success, I ended up putting in a new plant - Estimated Cost - $225,000
     

  3. Private Water Well - I purchased a park with a private water well that had inadequate pressure and poor water quality - Instead of replacing the system I sold the park to another investor at a discount so he could put in the new well - Estimate Loss - $50,000
     

  4. Drainage Problems - I purchased a park that had a terrible drainage system and every time it rained about 1/3 of the park had several inches of standing water - it made the residents very unhappy and I spent about $25,000 trying to fix the worst of the problem - Cost $25,000
     

  5. Flood Plain - I purchased a park in the 100 year flood plain.  The sellers took steps to...

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