All Forum Posts by: Michael J.

I'm looking at buying a mobile home park.   its on about 20 acres. Has 13 current MH on it.  Current owner already has county approval to add 10 more spaces.

Current MH are on own septic and water, however public sewer has just come available in the area.

All 13 homes currently rented and brings in aprox $100k yearly income.

What would be the next steps for me to take in doing due diligence on this property?

What questions should I be asking?

What is a good price per home or for the whole park?

Welcome to Greenville @Peter Wellman.  definitely look into the groups mentioned.  If you have any specific questions, feel free to reach out.

You don't need an LLC to start. Once you get going and have some deals done, then go ahead and sit down with a CPA and discuss the advantages of switching over to an LLC. Obviously if you are looking to build a team under you, then you will need to go the LLC route.

You could look at local property management companies websites and just get an idea of what they are listing rental properties for.  There is also  www.padmapper.com  & www.rentbits.com that you could try.

I like to use HelloSign.  It does everything you need for signing contracts.  You get a couple of free signings with it.

Hey Chris,  do a google search for "Catawba County Real Estate Attorney" then just call down the list and ask to speak to a paralegal and find out if they do assignment contracts.  You can usually find one in less than 10 minutes.

If you are looking to start small, then I would suggest driving for dollars and getting a list of distressed properties in your area.  Skip trace the list and then call or text the owners to see if they are interested in selling.   Otherwise you will end up sinking a ton of money into these companies who promise you leads each month.  Once you have closed a deal or two then you have money to be able to scale and try other methods of marketing.

You can try and contact a Ohio title company and ask them if they have one they can send you to use.  Sometimes they will send it over no problem.

It's different for everyone, the key is consistency.  If you want to be successful then you need to be willing to do what it takes EVERY SINGLE DAY.  If you are treating it like a hobby you will get paid like a hobby.  Treat it like a business and track your numbers. 

When looking at buying a carwash what are some questions that need to be asked or things to look for when doing due diligence?