It could be worse - Posted by Eli
Posted by Eli on September 13, 2004 at 19:52:22:
I know what you mean about finding a deal on a park. I went on a trip to AZ looking for parks last week. I looked at about 5. The worst deal that I looked at was an OLD park, built in the 50’s, old pipes, old sewer lines, 30-50 AMP electric. Small spaces (can only accomidate 45’ trailers, lots of drugs, non paying tenants, tons of junk and they still want about $25,000 a space. The broker said, “oh but it is a great deal, it is a Pro forma cap of 7, forget about the actual cap rate.” Then the broker wanted to argue with me saying that larger homes could fit in the park and that 30-50 amps was plenty.
Its a good thing that we all have a sence of humor.