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Mobile Homes Buying Guides Newark DE

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 Newark, DE that will answer all of your questions about Mobile Homes Buying Guides.

Borders
(302) 366-8144
101 Geoffrey Drive
Newark, DE
Hours
Monday - Thursday09:00 am to 10:00 pm
Friday - Saturday09:00 am to 11:00 pm
Sunday10:00 am to 09:00 pm

Barnes & Noble
(302) 478-9677
Concord Mall, 4801Concord Pike
Wilmington, DE
Services
Complimentary Wi-Fi
Hours
Sun 10:00AM-9:00PM
Mon-Thu 9:00AM-10:00PM
Fri-Sat 9:00AM-11:00PM

Borders
(610) 558-3787
968 Baltimore Pike
Glen Mills, PA
Hours
Monday - Saturday10:00 am to 10:00 pm
Sunday11:00 am to 07:00 pm

Palatte Campus
(302) 224-3960
74 E Main St
Newark, DE

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Liebermans Bookstore
(302) 286-6623
45 E Main St
Newark, DE

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Barnes & Noble
(302) 369-7050
340 Christiana Mall
Newark, DE
Services
Complimentary Wi-Fi
Hours
Sun 10:00AM-9:00PM
Mon-Thu 9:00AM-10:00PM
Fri-Sat 9:00AM-11:00PM

Borders
(302) 477-0361
4221 Concord Pike
Wilmington, DE
Hours
Monday - Saturday10:00 am to 10:00 pm
Sunday11:00 am to 07:00 pm

Delaware Book Exchange Inc
(302) 737-6150
58 E Main St
Newark, DE

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Newark News & Tobacco
(302) 366-0103
230 E Main St Ste 315
Newark, DE

Data Provided by:
Country Tobacco
(302) 368-7597
19 Possum Park Mall
Newark, DE

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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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