SHOW NOTES

Welcome back to the Passive Mobile Home Park Investing Podcast, hosted by Andrew Keel. In this episode, Andrew takes you through 10 common due diligence mistakes that newcomers often make when entering the mobile home park investing space. With his extensive experience, Andrew Keel breaks down each pitfall, offering valuable insights and practical advice on how to avoid them.

Here are the 10 mistakes to watch out for:

1. Failing to Obtain a Mobile Home Park Zoning Certificate: Before buying a mobile home park that requires infill, securing a zoning certificate with setback requirements is crucial.
2. Overlooking the Property Tax Increase: Be prepared for the property tax increase that often comes in the second year after your purchase. Re-assessing the property to the new purchase price from the sale.
3. Opting for a Mobile Home Park Boundary Survey Instead of an ALTA Survey: An ALTA survey provides more comprehensive information, which is essential for accurate due diligence.
4. Neglecting to Review a Full Year of the Mobile Home Park’s Utility Bills: Ensure you examine 12 months of water and sewer utility bills and usage data to avoid surprises.
5. Skipping the Phase One Environmental Inspection: This inspection is vital to uncover any potential environmental risks before purchasing.
6. Failing to Inspect Behind Mobile Homes: Don’t skip physically walking behind the mobile homes; it’s key to understanding the true condition of the property.
7. Failing to Inspect Inside Park-Owned Mobile Homes: Thoroughly inspecting the interiors of mobile homes is essential for uncovering hidden issues.
8. Overlooking Park-Owned Mobile Home Lost Title Costs: Account for the expenses related to obtaining and managing titles for park-owned homes.
9. Neglecting to Discuss Responsibilities with the Power Company Engineer: A clear discussion with the power company engineer can prevent costly misunderstandings down the line.
10. Skipping a Review of the Mobile Home Park’s Google Reviews: Reading the Google My Business reviews for the mobile home park can reveal important red flags.

Tune in now to discover why thorough due diligence is crucial for making informed decisions, reducing risk, and protecting your mobile home park investments. By dedicating time and resources to this pre-purchase due diligence process, you’ll be more likely to secure a sound and profitable mobile home park investment for the long term.

***Andrew Keel and Keel Team Real Estate Investments (Keel Team, LLC) do not endorse any interviewee. This interview is for informational purposes only and should not be depended upon for investment purposes. ***

Andrew Keel is the owner of Keel Team, LLC, a Top 100 Owner of Manufactured Housing Communities with over 3,000 lots under management. His team currently manages over 40 manufactured housing communities across more than 10 states. His expertise is in turning around under-managed manufactured housing communities by utilizing proven systems to maximize the occupancy while reducing operating costs. He specializes in bringing in homes to fill vacant lots, implementing utility bill back programs, and improving overall management and operating efficiencies, all of which significantly boost the asset value and net operating income of the communities. Check out KeelTeam.com to learn more.

Andrew has been featured on some of the Top Podcasts in the manufactured housing space, click here to listen to his most recent interviews:  https://www.keelteam.com/podcast-links. In order to successfully implement his management strategy, Andrew’s team usually moves on location during the first several months of ownership. Find out more about Andrew’s story at AndrewKeel.com.

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Talking Points:

00:21 – Welcome to the Passive Mobile Home Park Investing Podcast

00:35 – Failing to Obtain a Mobile Home Park Zoning Certificate

03:22 – Overlooking the Property Tax Increase

07:15 – Opting for a Mobile Home Park Boundary Survey Instead of an ALTA Survey

10:55 – Neglecting to Review a Full Year of the Mobile Home Park’s Utility Bills

15:30 – Skipping the Phase One Environmental Inspection

18:45 – Failing to Inspect Behind the Mobile Homes

20:05 – Failing to Inspect Inside Park-Owned Mobile Homes

21:32 – Overlooking Park-Owned Mobile Home Lost Title Costs

23:06 – Neglecting to Discuss Responsibilities with the Power Company Engineer

26:04 – Not Reviewing the Mobile Home Park’s Google Reviews before purchase

28:18 – Conclusion

SUBSCRIBE TO PASSIVE MOBILE HOME PARK INVESTING PODCAST YOUTUBE CHANNEL https://www.youtube.com/channel/UCy9uI3KGQmFgABsr9lUtRTQ

Links & Mentions from This Episode:

Keel Team’s official website: https://www.keelteam.com/ 

Andrew Keel’s official website: https://www.andrewkeel.com/  

Andrew Keel LinkedIn: https://www.linkedin.com/in/andrewkeel 

Andrew Keel Facebook page: https://www.facebook.com/PassiveMHPinvestingPodcast

Andrew Keel Instagram page: https://www.instagram.com/passivemhpinvesting/

Twitter: @MHPinvestors

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TRANSCRIPT

 Hey, this is Andrew Keel, host of the Passive Mobile Home Park Investing Podcast. Thank you so much for joining me today. Going to do something a little bit different. We’re going to talk about 10 common mobile home park due diligence mistakes and I’m going to dive right in.

The first one is not getting a zoning certificate or discussing setback requirements with the zoning department prior to buying an infill project. This is so, so important and for those of you watching on YouTube. I’m going to share my screen and show you what this looks like. 

Typically you can contact a zoning department and request one of these and some may charge you for this but most won’t. It’s basically a simple letter that they will fill out talking about if it conforms with the current zoning for the property. If it doesn’t, they’ll put it in there that hey, it’s grandfathered in. 

But there’s one line in this zoning certificate that I want to bring your attention to. It says the property owner is free to remove or fill in any mobile homes on vacant lots. This is really important right there because some zoning departments may have age restrictions on the age of the home that they’ll allow you to bring in.

We own one property out in Nebraska where literally the head of the zoning department has to go drive and look at the mobile home before we bring it in to confirm that it will work, or we have to buy brand new homes to bring those in. Then even the brand new homes, we have to get up to their certain code where it needs to be wired in smoke detectors and some other things that meet that city’s code. 

Talking to the zoning department is a huge thing you must do before buying a mobile home park, and don’t just talk. I’m big on getting something in writing from them just like this zoning letter here to make sure that works. 

All right, we talked about the zoning letter. Talking about setback requirements. If you have vacant lots and you’re going to bring in homes, you need to make sure that the setback requirements meet the code. If back in the day it’s grandfathered in and you had a park with a bunch of 12-foot-wide homes. and now when you order homes from the factory, they’re 16 foot wide or bigger, typically mostly 14–16 foot wide. 

If you’re going to encroach on the distance between the homes on either side of you and put a 16 foot wide home in the middle, you may not have the setback requirements that the zoning requires and the fire chief typically is, who doesn’t like this? Because if your distance between homes is not big enough, a fire can jump from home to home to home to home and burn multiple down. 

You want to make sure you talk to zoning about that and you get details if you’re going to be bringing homes to fill those vacant lots, especially if the homes are not the same size as the original homes that were there. That was number one. 

Number two, not accounting for the property tax increase in year two. That is a huge, huge deal. I’ll share my screen again and show you some details on this. Property taxes are going to go up. Property taxes year after year will likely go up. It’s not a guarantee, but it might as well be. 

But not accounting for an increase is setting yourself up for failure because when the assessor’s office comes around and looks at the sale data and sees that you bought a property for $2 million and 20 years ago, the previous owner bought it for $400,000, there’s an increase in value there. 

If their taxes that they’ve been assessing your property on are based on a property value of $400,000, you got a big delta there that they’re going to come after you and try to get that additional income from. This is a property that we’re actually looking at in Florence, South Carolina. Our process to look at the increase in property taxes is quite involved. 

Let me show you this. This is the underwriting. Taxes now are $12,000 with the current owner, but this property hasn’t been sold. That was off the 2023 tax bills and property hasn’t sold in a very long time. The property assessed value was quite low. I think it was like $600,000 that the property was assessed at. Where we’re buying the property now is at multiple millions of dollars and the property taxes are going to go up. 

Typically we see a 50% increase, maybe a 100% increase, but this one’s going from $12,000. We literally called the assessor’s office and said hey, we’re buying the property for this price. This is how much we’re paying for land, goodwill, et cetera. What do you think our property taxes are going to go up to? They said it’s going to be likely around $42,000 in year two when this gets reassessed. 

That big jump right now, imagine if you’re paying for this income stream and you miscalculate literally $30,000 in NOI because you didn’t account for the property taxes to go up. That’s a huge deal and that’s on all commercial real estate, not just mobile home parks. But I think it’s important to mention. 

Let me show you. If you’re watching my screen, you can see this is a screen here where it goes through the property tax audit, the contact information. This is part of our due diligence checklist that we look at other mobile home parks in the same county and look at hey, when did they sell last? What was the sale value? Then what was the assessed value? You can see this one, this one is 2013. Last sale date sold for $400,000 and the current assessed value is just under that $399,000.

If this property sells for $2 million, what’s going to happen to the property taxes? They’re obviously going to go up. We try to look at other mobile home parks in the area that have sold recently and their property taxes before and property taxes after. What did they get reassessed at? Was it all the way to the purchase price? Because all that is public data that you can find out on the assessor’s website. Just make sure that you’re accounting for that increase. 

I was looking at a pro forma for a syndication deal that I was considering investing in and they just had 5% property tax estimated increases year after year for the first seven years. I was like wow, the property that we’re looking at here is a $26 million property and you’re only accounting for property taxes to go up 5% from year one to year two. 

Every state and county assessor is a little bit different. Some of them only assess every three years or even years or odd years. It’s not as hard and fast a rule, but you want to account for property taxes likely going up. 

Number three, ordering a boundary survey over an ALTA survey. When I first got started out, I was going cheap. I was just getting the boundary surveys. I was using local banks to do these deals. Those banks didn’t even require a survey, a little credit union type of lenders. But when I would go to refi and use an agency lender, they would require an ALTA survey be done and it’s more expensive. It’s like $5000 for an ALTA survey or a boundary survey is maybe $1200. 

I was getting these boundary surveys and thought it was great. I’ll share my screen again and show you what these look like so you can just check it out. What I didn’t know early on is that a boundary survey is basically just confirming where your property lines are and things like that, which are valuable. You can give that to the title company and they can cross reference to make sure that, hey, you’re buying what you think you’re buying and there are not multiple parcels or something like that for the mobile home community.

This is what a boundary survey looks like. Just an outline of the parcel, kind of discovery discussing how many acres there are and so forth, where in an ALTA survey, it’s worth its weight in gold. Literally, the ALTA survey will mark where all the mobile home trailers are and it’ll show you the distance, the setback requirements between each home and from the street and from the curbs. 

It’ll also show you all the utility connections and all of the utility locations and where the sewer lines are, where the water lines are, where the mains are, where the water meters are. All of that information is so so valuable, and here’s why. 

I was doing a deal last year and we had a boundary survey. When we bought it, we were going to refi out of our credit union lender into a Fannie Mae loan, and we had to use a vendor for the ALTA survey that was an agency debt–approved vendor. We’re using them. 

They’re doing the ALTA survey and they find out that out of this 82-lot mobile home park, I think it was 5 or 6 homes that had live gas lines running underneath the back of the homes. Because in the old days this park had older homes in it that were shorter and those got moved out at some point and new homes got brought in that were longer and the tail end of these homes was sitting over the gas lines which is a big no-no, life safety hazard, etc.

Literally the whole refinance got put on hold until we could get those gas lines rerouted around from being underneath those homes, and the ALTA survey is what showed us that. I just recommend for new operators out there or anybody interested, don’t go with the boundary survey. It’s worth the money to get the ALTA upfront to make sure there are no encroachments on the property, or there are no mobile homes sitting over the property line. 

We had a property where there’s a railroad track behind it and three or four of the homes were sitting over the property line into the easement for the railroad company. It’s been that way forever. Everybody’s like, it’s not that big of a deal, but the ALTA survey showed us hey, this is an issue. It’s over the lines.

You can adjust that with the seller and say hey, we have this issue here. We may have to move these three homes if the railroad company comes and says hey, you need to do that. You can do a credit at closing to account for having to move those three homes back into the parcel. That’s a big one. Don’t go cheap. 

Going on to number four here, this is a big one, this should be number one probably, but not reviewing 12 full months of water and sewer utility bills and usage numbers. That is important because you’re going to see stuff like this.

Let me see if I can show you. You’re going to see stuff like this. This is a park that we were looking at buying and you’ll see that the usage numbers here are around 250,000 gallons for this time period from October to November 2023, 250,000 gallons. 

Then watch what happens here. This is October. We go to the November statement. Now it’s at 290,000 gallons used just looking at the usage number right here. That was from November to December. Then from December to January, that goes up to 350,000 gallons used. Then from January to February, it goes to 430,000 gallons used. What is that telling us?

That’s telling us that bro, you got a water leak and you may have multiple water leaks and you got to get these things fixed ASAP. You don’t want to go into a property in March or April after seeing these water bills right when the water leak is at its peak problem.You need to get American Leak Detection out there and check this out.

We just paused this deal and said, Hey, Mr. Seller, you need to have American leak detection, go out, find this leak, fix it or you need to give us a credit at closing but it’s really hard to quantify that without paying American Leak Detection $4000 to go out there and inspect this. Check the water utility bills and then also when you find a spike like this, I like to go to the seller and say hey. The numbers are spiking. It looks like you have a water leak. Who fixed this leak for you? They’ll say it was Roto-Rooter or it was Joe’s Plumbing. 

Then you say, okay, well can I please speak with them? You get their number, you get them on the phone and you say, hey, what’s going on with the water lines here? Looks like you fixed a leak in February. That was pretty bad. Is this a recurring issue? How often are you out to the park? 

They’re like, for that specific park that I just was looking at the water bills, he said, about three months ago before the seller listed this property for sale, I told him that he needs to replace all the water lines in the park because they’re all corroded and they’re falling apart. The shut-off valves are trash and everything is bad. It’s going to cost them around $350,000 to replace the water lines. 

That was not in the listing. No one mentioned that. No one was willing to share that information until I got that plumber on the line. Definitely worth 5–10 minutes to make a phone call to talk to the plumber that the seller used to fix their most recent water leak.

I would also say water leaks are common, like the ones underneath the homes where a tenant didn’t have their PEX lines insulated going into the winter and the lines froze, and then they got a leak under their home that needed to be thought out and then re insulated and heat taped.

It’s common to see a spike like in January when it’s really cold and then it gets fixed and then it goes back down and normal out through the rest of the year. But when you see month after month, after month, the water bills are just going up and it’s skyrocketing, you don’t want to catch a falling knife. 

Another tip here is talking to the tenants, walk through the park before you buy the park and say, hey, how has the water and sewer utilities been here? I’m looking for a place for my mom, and her other park, they had issues constantly with things like iron in the water and things like that and just asked around if there are any issues in the last year or so.

If they say, oh yeah, the water shuts off once a week because they have water leaks. Oh man, my bathtub backs up a couple of times a year when there’s a lot of rain. Those are issues you want to know upfront not after the fact because they can get expensive. 

Another sheet that we have here that I can show you, let me share, is in our due diligence file. We have a utility bill audit sheet that we do in due diligence, where we take the utility bills, we insert them into this graph, and look at usage month over month to see the percentage change. 

This is really really important because a lot of times some parks will have multiple utility accounts. There’ll be different parcels. There might be multiple master meters that are feeding the park and the same thing with sewer. 

We got to know what we are looking at here and how these are adding up, and then look at all the utility accounts that they have open and make sure you’re auditing those.

Real quick, you’re going into number five, not ordering a phase one environmental inspection. This is really, really key. This is a deal killer. If you took the MHU bootcamp with Frank and Dave, he talks about it. Always order a phase one. The average cost for one of these, I think is around $2000, but they’re going to do not only the computer work, the computer research to see if there were any underground storage tanks or other environmental hazards that you don’t even know about. 

A lot of these mom and pops owned mobile home parks, there was one park where we found a huge oil drum that was buried and he was filling it up with gas and other things. Underground oil tanks for heating, we found a whole park where every mobile home had an underground heating oil tank right behind the home.

There are a lot of those things that you want to make sure about up front because your credit union lender might not catch it, but your agency lender engineering report, ALTA survey and so forth, will catch it. Then you’re going to have to come out with that money when that could have been proceeds for your investors or for your owners that you wouldn’t have had to spend. It’s good to know it upfront.

There was another mobile home park that was going around for a long time that was built on an old landfill. Think about the environmental issues with that. Literally built on top of an old landfill. 

We consulted with an environmental engineer on that because we were looking at it. Once we found this out, he said there could be gas pockets that can bubble up over time and can hurt people. 

Imagine like a little girl running through the mobile home park.Then all of a sudden something pops up like that and can cause an injury. It’s just not worth the risk. The new owners take over this responsibility from the old owners at a sale point. It’s an arm’s length transaction in commercial real estate so you really got to know up front what you’re getting into.

On a Phase 1 Environmental report, I can show you what one of those looks like. Phase 1 Environmental reports, you’re looking for what’s called RECs. Basically, those are things like recognizable environmental conditions that would then require a phase two inspection to get the full picture of. 

But basically it’s a huge report, like 69 pages, and you really want to go into each section and look at what they find because they find a lot of information about any previous history that the site was used for, along with any underground storage tanks and if they were removed properly or what the case was. Then the big section that has the most value in it to me is all the way at the bottom going to the conclusion. 

What’s the conclusion? Were there any RECs found or not? And then you can see things like this. The septic drain field. Here’s some storage sheds and here’s the pump house for the well. It’ll give you a really good idea of what you’re looking at, along with active photos of items that could be an environmental concern to the property. 

But at the bottom there, we’ll say this is a REC, this is not a REC, and any recommendations for solving that in the future. 

Item number six, not walking behind the mobile homes, only walking in front or driving through the park when doing your due diligence trip. This is a huge no-no. Highly recommend making sure you walk behind the homes. A big reason why is you’re going to find things like this. Check out this photo right now. If you’re watching on YouTube, you can see this photo right here. Walk behind a mobile home line, and you can see it’s literally like a jungle.

There are homes everywhere. There’s trash. There are literally cars and trampolines parked behind these homes. You want to know what you’re getting into and it’s really hard to see if you don’t get out of your car and walk behind the homes. 

Another thing we saw is a sewer line that connects underneath a mobile home, where people flush the toilet and things like that had come unhooked. Every time they would flush, it would just pour on the ground. After a year, this had seeped all under the home and was coming out the sides and caused this really nasty smell for all the neighbors. 

Walking behind the homes and not just driving in front of them will help you potentially avoid issues like puddles of water, drainage, sewage coming from under the homes. 

Number seven, not going inside all the park-owned homes. It may look fine on the outside, and you may drive by and say, okay, that’s an occupied lot. The lights were on at night. We drive through our parks at night, look habitable, and look fine. But then when you get inside of these things and you see what people are living in, you may change your mind entirely. 

Here is a live example of that. This is one home that we came across for those of you watching on YouTube. On the outside, it looks suspect. We didn’t believe this was occupied. Then we drove by at night and saw some lights on. We actually did a walkthrough of the home with the owner, and it was like a hoarder situation where literally there was just stuff everywhere, trash.

I mean, look at this, there’s a cup full of just beer and like just stuff all over the floors. Someone was actively living in this. This is like how they live there every day in these types of conditions with trash everywhere and it was just disgusting.

This type of home, there was like roof leaks and so forth just knowing that hey, it’s occupied, but the second it becomes unoccupied, it’s going to be a problem and we’re probably going to have to demo the home. Knowing that there’s more risk there and we need to have more reserves in case of an issue like this is really important. 

Number eight is not accounting for the costs associated with getting all the park-owned home titles. Missing titles to mobile homes is a super common thing when you’re buying a mobile home community. Titles get lost. It’s just a pain. In some states, they require you to get the titles notarized when you acquire or sell a mobile home, and if you didn’t have it notarized, well now you got to go back to the owner and get it notarized. There’s a lot involved. A bill of sale is not the end-all-be-all.

If you’re buying a park, you should put money in escrow. I think anywhere around $3000 per title is fair to hold back, and getting a bill of sale at closing is what you need, but then you need to hire a company like MH Title brokers or Snickfish that will go out and actually acquire a title for you. 

Go through the abandonment process, put the ad in the newspaper and so forth, and it just takes time and follow-up, but you don’t want to forget these. Then hey, you sell a home on an RTO and then they pay it off, but then you don’t have the title. 

Definitely want to make sure you’re accounting for this upfront and not being surprised by this on the backend at closing when they’re like here’s the keys. You’re like where’s the titles to the 25 park owned homes? And they’re like oh sorry, we don’t have any of those. You don’t want that to be the case. 

Also recommend getting a UCC filing done with an attorney. That will see if there are any tax lien issues or personal property liens on any of the park-owned homes before you buy these just to make sure that they are free and clear. 

Number nine is not talking with the power company engineer and discussing power supply, and whose responsibility is what when the new homes come in. I bought a park that is my third park in Covington, Tennessee. It was a Smithville mobile home park and I made a mistake where we bought this property. I think it was 61 lots, but it only had 50 occupied. So we brought in 11 brand new homes, like this home right here, these nice vinyl shingle homes. These homes were all electric, 200 amp panels on the inside. 

The juice coming to these homes was daisy chained from one transformer and there were 25 homes on one transformer. For those of you that don’t know what a transformer is or are not electricians in your side gig, a transformer looks like this, if you can see on my screen, up here at the power pole, there are also big green boxes that can be a transformer as well, but a transformer should only service five mobile homes.

Since this was an older park, it had a lot of like 60 amp small homes, and when those were hauled out and we brought in these new homes, we were at a deficit. People were having brownouts and they didn’t have enough juice from the main line to service their power needs. 

So we had an electrician prior to buying this park, inspect all the pedestals and tell us if there were any code issues, things like that, but he didn’t talk about the power coming in from the power company. Most power companies will actually be like hey, for the transformers to get there because they’re billing these tenants ongoing. But this one in Covington did not, and we had to do a capital call for $60,000 to install more transformers because there wasn’t enough juice coming in.

We made a mistake. We learned from it. We corrected our due diligence process. Now, before every park we buy, we have the power company engineer meet us at the park and tell us hey, when we bring in homes and put them on these vacant lots, who’s responsible for what? How many transformers are on the property and then how many homes are on each transformer, and are we responsible as park owners from the pedestal to the house, which is most common, or are we responsible from the transformer dredging a line underground all the way to the pedestal and then running it into the house as well and paying for the cost of the actual transformers, which is not normal, but in this case, we had to to penny up and pay for that. Otherwise, the homes would sit vacant. 

We did it. Long story short, we put the agency dead on that deal and it was a home run back in 2021. But at the moment it felt like a complete catastrophe because we didn’t raise enough money. Anyway, in conclusion, new homes usually require more juice than older homes and have those newer 200 amp panels. 

Getting long-winded here. Apologize about that. Number 10 due diligence, a mistake is not reading the Google reviews on the Google My Business page for the mobile home park before you buy it. This is huge. This is one of the quick things I do when I’m analyzing a deal for the first time. I’ll look through and look at the comments and see what people are saying.

Let me show you actually. I found comments like oh the roads are really bumpy. Poor management, they’re not answering the phones. You name it. You just Google the name of the park, the Google My Business, and you read what people have said. 

If there are a bunch of reviews over 20 and most of them are good and it’s over a four-star, I would say that’s a really good park that has good reviews. It could be just one review on there that you see that you’re like oh wow, the roads are really bad.

Another thing I’ve found is flooding. Every time it rains, the roads flood and underneath my home, a bunch of water floods underneath. That is something that you can be on the lookout for. Then you can bring up to the seller and to the local city, because if there’s a bunch of water flooding underneath homes every time it rains, that moisture barrier is going to cause the subfloor to rot out. It’s going to cause a lot of damage underneath those mobile homes.

Mobile homes, the ground underneath of them is supposed to be crowned so that water doesn’t sit under there so that it flows away and doesn’t cause damage to the subfloor underneath of the home. Check the Google reviews. It only takes literally 30 seconds to scroll through these. 

Also to piggyback on that when you’re doing your onsite visit and you go out to eat at the nearest restaurants closest to the park, ask the waiter do you know about the Deer Run Mobile Home Park over there in Salem, Ohio? They say oh, yeah, I know that place. What do you think about it? What’s the reputation of that community? I’m looking for a place for my mom. I was thinking of buying a place there and seeing what she says. 

You can learn a lot, but just take it with a grain of salt. Some people may have that stigma of it’s just a dirty trailer park and they’ve never even drove through the inside of it. They just drew by it. It’s good to ask multiple people instead of just one. 

Anyway, I hope you got value out of this episode. Due diligence is such a big deal when it comes to trailer parks, and I feel like it’s not talked about enough. If you have any questions on this, feel free to reach out via my website. That’s keelteam.com. My name’s Andrew Keel. Thank you so much for watching.