Can I run this by you? - Posted by JML
Posted by JML on February 21, 2002 at 15:19:07:
MHP’s are BRAND NEW to me - we used to do flippers and now have a large cash-out from selling our home. I’m trying to think big and found this offer in the paper. These are the bare details - please comment and suggest if you would be so kind…
209 self storage units and 23 fully rented MH sites on a gated in-town lot for sale for $1,360,000. Some owner fin., possible equity trades. Improvable rents and expansion possible. 2nd comes due this year. 6-10 vac. in storage, about 5% vac. rate. MH rentals are $260 - $290. $215,000 gross after vacancies. About $100,000 to $145,000 net. Is this too good to be true or am I just ignorant? Also the manager lives on site and takes care of everything.
I am awaiting further details but could REALLY use a reading on this. I have so much to learn - esp. about evaluation of a business like this. Is there anything I can read on the net to help me - for the moment? Can’t find anything locally.
Many thanks for your help! -JML