HELP! chance to purchase MHP - Posted by Matt(IN)

Real Estate Investing Mobile Homes & Mobile Home Parks
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Posted by ray@lcorn on March 11, 2001 at 13:23:08:

Matt,

Your guy doesn’t sound motivated at all. “as much as I can get” is not the mark of a motivated seller. Neither is turning down $135T for a property with a gross of $15,600 and an uncertain NOI. He should have taken it.

My answer to him would be to give him my card and say “Call me if it doesn’t work out.”

ray

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HELP! chance to purchase MHP - Posted by Matt(IN)

Posted by Matt(IN) on March 09, 2001 at 20:42:33:

while out looking for “lonnie deals” today i talked to a park owner that was burned out. He has been renting the MHs out for years dealing with tenants and maintenance and due to health reasons he has had to hire out to do the work for the past year. I could tell he wants out bad but at a fair price. Here is what he’s got-

15 unit park with two bedroom home,large mechanics garage and 14 older MHs.
the house is empty, 7 MHs rented for 150 month, 1 lot rent of 50 and the garage is 200 for storege.

there is great potential here.
lot rent goes for about 75 dollers here and the MHs could be sold off along with rent from the house and garage.
all lots are indivdually metered for water gas and elect. plus the MHs have been upgraded to breaker boxes on all that had fuses.

now the problem i have 3,000 dollers to my name that is supposed to pay off some small bills and no idea how to stucture this. or even figure what it is worth.
he had it listed about a year ago for 150,000 with no luck selling (wonder why huh) i know that is to much for the present condition. this seems like a great oppertunity so any help would be apprecated.

thanks, Matt

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Re: HELP! chance to purchase MHP - Posted by ray@lcorn

Posted by ray@lcorn on March 10, 2001 at 17:01:19:

Will the owner lease the whole operation to you with an option to buy, with rent credits toward the purchase price set at say 50% of the net income after expenses?

ray

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Re: HELP! chance to purchase MHP - Posted by Matt(IN)

Posted by Matt(IN) on March 10, 2001 at 22:18:31:

would a lease give me controle to sell the 14 MHs?
also how do i figure the present value of the park he was asking 150,000 had a offer of 135,000 and turned it down. but he went on to say he wished he had taken it and would be happy to get any thing like it. when i asked him what he thought a fair price would be he said as much as i can get (sound motivated to you)
thanks for any help you can give me.

Matt