2 weeks ago I took a class on mobile home investing, and have been more determined to get a MHP than before. I've found a few in my area that are for sale that I think have good potential (cash flow & expansion).
I've already signed one agent's NDA and gotten "financials" (although these are a year old and just a Word doc...not really what I was expecting.) This particular park has 8 park owned homes, and spots for 5 RVs. I would get rid of the RV spots as this park is not really in an area that I think would support these very well...and it's unclear whether they are empty right now anyway.
A couple of questions regarding this process:
- Is it common to get 'presentation' numbers at first? (These docs are more of a summary of the financials, there is nothing here to really back up any of the numbers provided.)
- Would I need to send a letter of intent before I get to see actual numbers, rent rolls, bank statements, expense receipts, more info on the actual homes?
- I'm planning on putting the MHP in its own LLC, at what point in this process would be the best to get that setup? I'm currently doing the research under my existing LLC.
Thanks for any help.
Ryan
