The 4-step FSBO roadmap
Week one: T-12 + 3-year returns + rent roll + title. Saturday septic + 108V. Unnamed teaser + NDA + POF. Then NOI / cap, then escrow. 30–45 day diligence.
Step 01
Forensic financial & legal standardization
Buyers underwrite tax returns and standardized P&Ls — not bank statements. If books show a 20% expense ratio because you mow for free, they’ll recalculate at a realistic 50–55% expense floor. T-12 this week. Separate rent from electric, water, propane, and laundry. Do not net utilities. Write the mow hours so we add labor back. Do not sign a long exclusive while the books are still a story. Tell us if a broker is already on it.
- 3-year Schedule C / corporate returns — match tax earnings to book income
- Trailing-12 (T-12) P&L — month-by-month revenue vs verified expenses
- Rent roll & security ledger — 30 vs 50, transient vs monthly, deposits
- Preliminary title search — liens, easements, contractor claims before contract
Example: “$20k a month” minus a $9k unrecovered electric bill is a story. 6% of $3.5M is $210k.
Read the full Step 01 guide →
Step 02
Physical infrastructure & peak-load stress auditing
Inspection teams stress-test systems. Voltage drops or backups become six-figure renegotiations right before close. Pull 12 months of master bills, summer vs winter. Map 30 vs 50 and long-term sites. Bill kWh where legal. RUBS only as a patch. Do not DIY extra ground rods at pedestals. Saturday: 50-amp loads on; 108V minimum at the furthest site. Photos, labels, melt marks. Licensed electrician. Phase the worst branches.
- Saturday night load test — 50-amp loads on; 108V minimum at the furthest pedestal
- Saturday septic + Sunday 7–9 a.m. walk — dry even grass / bright stripes / soft + smell
- Water & sub-metering — prove tenant utility recovery vs flat-rate bleed
- Curb appeal last — paint after the books and the dirt are real
Read the full Step 02 guide →
Step 03
Confidential buyer screening & tenant shielding
Don’t publicly broadcast a sale. Staff and long-term tenants hearing rumors can trigger vacancies and kill cash flow.
- Confidential teaser — site counts and aggregate NOI without naming the park
- Mutual NDA — before tax returns or parcel data
- Proof of funds — filter unqualified tire-kickers. POF with no conversation after is still a pass
Read the full Step 03 guide →
Step 04
Valuation, seller financing & escrow
Value = NOI / Cap Rate. An all-cash hit can trigger capital gains and depreciation recapture. Installment structures often protect net payout. Talk to your CPA before you pick all cash — we are not your tax advisor.
- Income-backed pricing — audited NOI, not speculative pad expansions
- Seller carryback — first position note, down payment, monthly interest while deferring tax hits
- Strict 30–45 day diligence — non-refundable earnest money
- Commercial escrow — prorated rents, utilities, deposit holdbacks
Read the full Step 04 guide →