You've done it! The postcards, the cold calls, the schmoozing with brokers - it's paid off. You've got your first mobile home park deal (mhp) under contract.
Now comes the fun... wait fun?
Okay, there's not much fun about due diligence. Unless you like looking at blurry snapshots of bank statements and asking for the umpteenth for the seller to send both sides of the title.
One way to at least keep things interesting - think of yourself as a detective who's been given a bunch clues. Your job? Find out if the "deal" is telling the truth or not. (I used to play dungeons and dragons so maybe that's why I think that way LOL)
Alright, here's a practical tip
You should have a list of diligence items that you'll be requesting from the Seller. Put that list in an Excel or GSheet.
Then as the items comes in, put links to each one in your document.
In the process you'll create a 'document's library' that you can easily reference as you go through the process.
Later as you progress and have questions about documents, you can copy and paste part of that document into another document to share with your seller.
I've included here a screenshot of a sample documents library from a deal closed.
(This is the 'final version' and differs slightly from the working version which is usually in a spreadsheet form)
Keeping files in a folder also works but I like this process because it's easy to reference later and I can also easily add notes about each document in one central place.
Hope this is helpful for others.
Anyone else have a Due Diligence Tip to share?
