How to analyse a deal with insufficient data

[Matt Swearingen]

Hi all,

   I'm sure you've all seen something like this before in the mobile home market. I'm viewing a property tomorrow that has 1 sfh and 6 mobile homes (some park owned) on 13 acres. There Are two wells and two septic systems, so already I'm leary. They purport gross rents to be  $4,500/month. 

I asked the realtor for 5 years of tax returns and rent rolls to see if it was even worth viewing. He said the other agent responded "they have nothing like that". He went on to say that most MHP's in the area are owned by amateurs who dodge taxes by keeping poor records. 

What is the minimum amount of information you'd ask for to make an offer on a MHP?

[Paul Bowers]

They should be able to at least furnish bank statements.  That will show the deposits of rent, see if it matches up.  It will also show outgoing monies for expenses.  If they have been pocketing the cash and cheating the system they will have saved in taxes and now it will cost them in sales value.