Welcome back to The MHP Expert! I’m Glenn Esterson, and I’m here to give you as much info as I can to help navigate the MHP industry. Today, let’s look at selling an MHP with POHs (Park Owned Homes) on site. If you have a park with POHs, you should really have good details on them. That includes having the title to the park home, as well as the basics of the home like the make, model, year, vin number, condition, number of bedrooms and baths, square footage, length and width, and the lot that the MHP sits on.
We know, it’s all super nitty gritty details. But it makes it easier for a buyer if you have all this broken down for them. You can put them in an excel sheet, or something that’s easy for them to digest. If you just give them some handwritten stuff, it’s probably not the best idea for a nice asset. Keeping good records is a huge part of maintaining your park’s value when selling. selling.
So how long should you give yourself to gather these records prior to selling your MHP with POHs? In truth, you’ll want to have them in order with as much lead time as possible. You should start preparing as far ahead as 1-2 years, or more if necessary. You wouldn’t want to be stuck trying to gather the past few years worth of park information at the last minute.
This would not only be a major source of stress; you’ll also likely set yourself up for future failure of the deal. If all checks out, meaning the park’s condition is clean, your tenant base is paying and in place, and not a lot of infill left to do, then you know you’re ready for sale.
Looking to get your park with POHs in shape for sale? We might be able to help. Check out our services page to learn more!