Estimating Mobile Home Park Expenses before making an offer

[Erhart Asaad]

Hey BP,

Still looking to get my first MHP under contract and one thing I want to be better at is estimating monthly expenses. Are there any experienced owners out there with some advice specifically on how they estimate expenses when analyzing parks? Obviously it depends on the deal, but say you had no prior financials from the seller(hypothetical), how do you write up your expenses?What do you factor in repairs per pad for normal monthly operations? Management fee per pad? what do you set apart for“Unknown” expenses each month? Any best practices or specifics you go by would be greatly appreciated 🙂

Thanks,

Erhart