Welcome to episode 7 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Today, Jefferson and Brad will discuss third party reports. If you have a mobile home park under contract and are looking for any type of debt, this is the time for getting down to brass tacks. Even if you’re paying all cash for a park, 2 of the 3 third party reports are very important no matter what, and the 3rd one is important specifically to a bank.
[1:23] 1st third party report: the Phase 1.
[3:02] How you could be liable for ‘LUST’? – Leaking. Underground. Storage. Tanks.
[4:50] If there is LUST, you’ll need to do a Phase 2 report.
[5:47] More on phase 1 – costs and desktop reviews.
[7:05] 2nd third party report: the Survey.
[8:29] Boundary survey vs. full ALTA survey.
[9:49] Key things to look for on the survey.
[12:00] 3rd third party report: the Appraisal.
[15:26] Problems with appraisers who are not specialized in park appraisals.
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