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Updated over 7 years ago on . Most recent reply

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Irish Sit
  • Toronto, Ontario
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First park closing and due diligence questions

Irish Sit
  • Toronto, Ontario
Posted

Hi everyone,

We are a total newbies to mobile home parks, and desperately need an advice.
We are looking at buying small park in north part of Florida, with 11 sites (2 tenant owned, 9 park owned), well and septics. Well and septics are working fine, and demand in the area is quite big. We are ok with maintainence on park owned homes. Owner asks for 100k and is willing to finance 50k for a 2 years, which is ideal for us.
So, now after we agreed on a price, what is next?
Do we go to the lawyer first and after contract is signed do due diligence?
What are the things we need to check when doing due diligence?
Thanks in advance.

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