Real Estate Investing Due Diligence Checklist: Mobile Home Park

Commercial Real Estate Investing Due Diligence Checklist: Mobile Home Park

Dr. Howard Edward Haller,

CEO, Real Estate Mentor Co. + US Real Estate Mentor & Commercial Real Estate Expert, Probate Real Estate Expert, Residential Real Estate Expert, Professional Real Estate Keynote Speaker, Real Estate Investor, Commercial Real Estate Developer, Licensed California Real Estate Broker (over 25 years), and Licensed California Contractor for 20 years

Due Diligence Checklist: Mobile Home Park

Property Name: ________________________Year Built: _____ Property Class A | B | C
Address: ____________________________________ # Spaces _____ # p/o homes ___
City __________________________ County ___________________ State __________
Telephone # _________________ Manager __________________Year Built _______

Financial Information Date Received/Notes
Annual Operating Statements (3 Years)
Monthly Operating Statements
Tax Returns (3 years)
Budget Forecast
Existing Loan Documents
Bank Statements (1 year) (Optional)
Security Deposit Account Statement
Utility Deposits

Operating Information Date Received/Notes
Original of all Rental and Rules Agreements (Leases) with delivery at closing
Rent Roll: (Current and past 3 years)
Start/end date, rate, deposit, payment history per tenant
Concessionary Rents
Lease Expiration Report- (if mo. to mo., copies of eviction notices)
Utility Bills (two years, showing usage and cost)
Water, Sewer, Gas, Electric, CATV, Ethernet, Phone
Property Tax Tickets (3 Years)
Service Contracts (trash, maintenance)
Advertising Contracts
Payroll Register (employment contracts)
Operating manuals (phone, computer, fire system, etc.)
Insurance: Policy (premium disclosure)
Insurance: Claim History (past 3 years)
Insurance: Carrier Risk Assessment
Management Contract
Commission Agreements
Miscellaneous Agreements (Vending, Pay Phone, Laundry, etc.)
Capital Improvements and Maintenance History (3 years)
Pet Policy
Yellow Pages Listing Contract
Credit Bureau Contract
Tenant File Examination: Application, Rules sheet, Security Deposit, credit report, payment history, complaint history
Originals delivered at closing
Common Facilities Survey (Pool, Clubhouse, Playground, etc.)

Legal and Physical Information
Date Received/Notes
Title Policy
Last Sale Price
Tax Assessment: Land/ Building
Construction/Utility Plans
Site Plan
Inventory of Personal Property
Tools/ Supplies Inventory
Rental Home Inventory
Rental Home titles
Homes: Park owned or financed note and contracts
Business License
Zoning Certification, Ordinance compliance
Rental Ordinances
Litigation History
Tenant Estoppels (at closing)

Third Party Information Date Received/Notes
Environmental Surveys or reports
Engineering Report
LUST Survey (environmental hazards, USTs)
Building Inspection Report (Certificate of Occupancy)
Aerial Photos
Title Report
UCC-1 Search
Park Owned Home Liens

Market Information Date Received/Notes
Market Rental/Occupancy Survey
Existing Competitive Supply Surveys
Future Competitive Supply
Feasibility Study
Area Map
Apartment Association
Apartment Guide Listing
Copies of All Advertising, Brochures, Floor Plans
Demographic Report: Housing, Income, Employment
Three radii: 1 mile, 3 miles, 5 miles
Traffic Study and/or Road Improvement Plans
Neighborhood Survey: shopping, schools, employers
Crime Report

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