Know the in’s and out’s of your next mobile home park purchase with the MHP Expert’s Must Ask Questions Checklist. Get started with your free evaluation today.
MHP Bills and Who’s Responsible
Who pays what? A question that may seem to have a simple answer, but actually has a lot of components. With Glenn Esterson, the MHP Expert we ensure that you know all of your mobile home operating expenses. We need to make sure that you know who is in charge of paying for the water? The sewer? The electricity? The gas? These are all primary payments that will make or break the overall functionality of your future park. Who is responsible for the trash payments? The cable and internet payments? Tenants need to feel as though they can trust whoever is in charge of their homes. Who is going to make sure the yard maintenance is paid? Who is going to pay the POH repairs? Do you live in a place where snow is a factor? If so, who is ensuring snow removal is paid and taken care of?
Spotting and Keeping Good Books and Records
With all the factors that owners need to maintain, it is vital to keep a solid system of books and records. What type of operation will you be utilizing to keep track of records? Are there currently books on software, like rent manager, or quickbooks? Are the 2 years of tax returns available for the park? If so, what is the stated gross income for the last 2-3 years? Having access to important government documentation and records allows for a smooth transition of ownership. Are 24 months of bank records available? Are 12 months of utility bills available for each utility? Are your tenants on a month to month lease? What leases are available? Ask yourself if you like the current books and records system, or what would you have to do in order to make your MHP operate at pristine capacity.
Must Have Documentation
Booking and records can seem like a daunting task, the MHP Expert’s Must Ask Questions Checklist ensures you won’t miss a thing. We want to be certain that you know and have seen an infrastructure map. Are all the POH titles available? Do the tenants have any deposits, if so how much? Is there a stated inventory of all personal property that will transfer at sale? Do you have access to the title report, zoning certificate, all needed permits, rules and regulations, along with the property tax bills over the last two years. Having proper documentation will eliminate any future risk and worry that could come along with mobile home park ownership. To move towards a better future, first move towards a free evaluation with the MHP Expert. With no strings attached or hidden motives, lock in a brighter future and higher ROI with Glenn Esterson.
Don’t stress about mobile home operating expenses.
Relax and head towards a better future with the MHP Expert’s Must Ask Questions Checklist.