Ethan Johnson
Analyzing MHP Deal - Buy or Not?
6 April 2020 | 13 replies
The “key” elements of the transaction are explored first and usually, the most intensively.The buyer should provide the seller a comprehensive disclosure statement and include a term in the purchase agreement that obligates the seller to return the document within 5 days of acceptance.Professionals are hired to complete Phase 1, 2 & 3 reports that identify potential or existing environmental contamination and all other elements of elements that are difficult for the buyer to effectively evaluate.Financial Checklist3 years profit & loss statementsRent roll with space number, name of resident, move-in date, renter or owner occupied, number of occupants, monthly rent, additional charges, current balance due and any relevant notes about the residentList of capital expenditures for the last 3 years3 years of tax returns12 months of bank statementsCurrent accounts receivable statementList of park owned home including copies of “rent to own” or sales contractsCopy of all current insurance policies, binders and premiumsSpreadsheet detailing who pays all utilities including water, sewer, gas, electric, trash, cable, etc…For all utilities and charge backs, formulas, calculations and meter readings for the past 12 months3 years of utility billsProperty tax bills for the last 2-3 yearsCurrent staffing list including position, wages, job descriptionsCopies of any contracts that will transfer to buyer including laundry, trash, phone, equipment, etc…Dates and amounts of the last 3 rent increasesSigned rules and leases for each residentNames and contact information of professional service providers including lawyers, accountants, engineers, insurance brokers, inspectors, appraisers, realtors/brokers, etc…Physical ChecklistSpreadsheet for utilities that details age, composition, capacity, physical locations, etc…Any drawings or maps of the park and infrastructure including lot sizesSewer plant or septic system repair and maintenance recordsWater well tests and compliance recordsDisclosure from seller of current or recent problems with infrastructure including buildings, water, sewer/septic, gas, electric, etc…Names and contact information of contractors including plumbers, tree surgeons, electricians, gas inspectors, septic companies, roto-rooter services, etc…Locale ChecklistProfile local housing market:“Stick-built” – current foreclosure rate, months of available inventory, median home price, average rent per month, vacancy rateApartments – average rent per month, vacancy rate, prevalence of move-in specials…MHPs Comps – average monthly charges (rent, utilities, etc…), vacancy rate, # of homes for sale, etc…Profile local economy including population, major employers, unemployment rate and trendsCopies of city, county and state permits, licenses or certificates of occupancyCheck zoning for recent or pending changes to target property and adjacent parcelsCheck for known environmental issues with target property, adjacent parcels or in the communityCheck for major development or construction projects in the communityReview existing surveys or environmental reportsConsider geographic factors including elevation, annual snow fall, rain fall, proximity to bodies of water, etc…Disclosure from seller of current or recent lawsuits, regulatory or compliance issues, fines, fees, etc…
Anna Sagatelova
Emergency Funds/Assistance for Ohio Tenants?
27 March 2020 | 3 replies
The problem is, I am not aware of a lot of programs available to them.Can we start a running list of local/state-wide assistance and resources available to tenants?
Chintaka R.
EPA Lead Cerification
25 April 2020 | 8 replies
I am having a hard time finding contractors (painters) with EPA Lead certification.
Ryan Reynebeau
First Inquiry on a Multifamily - Seller is experienced investor
17 March 2020 | 2 replies
Building square footage certification.15.
Adam Tafel
Stuck at home all week? Let's do some lead gen! Ideas?
18 March 2020 | 3 replies
Paul they are called "certificates of occupancy", and it's all public data on the .gov page.
Nicholas Jose
Just some basic questions before I finally get started
25 March 2020 | 2 replies
So as soon as I move out of my first duplex and into another, am I legally required to register for a landlord license (and all other necessary certificates)?
Denise Evans
Alabama Tax Auction Postponement?
20 March 2020 | 2 replies
The largest volume is in Jefferson County (both Birmingham and Bessemer divisions) on May 19 with its tax certificate auction.
Rohan D.
Septic tank - red flag?
19 March 2020 | 8 replies
@Rohan Deshpande here in California retail buyers will want a certification by a Septic company that both tanks are ok (preferably recently pumped) and a leach field test.Local Septic companies may have records on pumping dates, service done, vault head and clean out locations."
Bob Collett
Corona Virus Crisis provisions
18 March 2020 | 5 replies
These accrue to me anyway and not to the owner.I will be searching for government rent assistance programs.