Posted by wayne on December 30, 2000 at 08:45:28:
Do you have any idea of value or an appraisal. What is the current income/expenses?
Help - Posted by Donald C. Hagan
Posted by Donald C. Hagan on December 29, 2000 at 18:04:16:
I am attempting to buy a small trailer park. The price is $97,500. I am thinking about offering the full amount with the owner holding a 2nd for $9000. due in 5 years with a 7% interest. Then I can put $9000. down to go with the owners $9000. and have my 20% down which will leave $79,500, financed. The park is sound with all (4)units rented.
Can anyone think of a better attack. I am not loaded with money but I do have excellent credit A+. Any ideas would be appreciated.
I have ordered the Carlton Sheets course “No Down Payment” but this deal is cooking now. “HELP”
Re: Help - Posted by Meade
Posted by Meade on January 05, 2001 at 15:38:50:
If on market for 1 yr.I would offer atleast 10-15% less than asking up front. this property has set for a while and seller may be more motivated than realtor lets on. even if you have to get 2nd mort. finance elsewhere the saving s would be worth it in the long run. I would initialy ask for seller to take back 2nd if offer accepted.Also you can always raise offer but its hard to lower.As for as the property , if trailers are worth anything at all sounds like you would be getting a good deal at asking price. Good luck Meade
P.S.As for as the realtor not wanting to give you bal. of loan check at county court house,if property has loan on it loan date,amount of loan will be recorded and you can do an amoritization to see about what bal. is.this all should be public record.
Re: Help - Posted by Meade
Posted by Meade on January 02, 2001 at 23:33:51:
how long has property been on the market ?
how much does owner owe ?
what does property appraise for ?
is there room to expand ?
will you have a positive cash flow ?
Try “Commercial Forum” - Posted by Terry Vaughan
Posted by Terry Vaughan on December 30, 2000 at 12:02:31:
Donald:
You might get better responses if you try the Commercial News Group or the Mobile Home News Group.
Here are the links:
http://www.creonline.com/commercial-real-estate/wwwboard5/index.html