Posted by PeteH(NYS) on September 20, 2010 at 24:11:52:
Hi Ray – long time no chat. Busy factors include my current 50-unit park, now summer rental cottages in Lake George, a yoga studio and a 2-yr-old. So when I got a notice about a clean, full park half an hour from me going up for foreclosure auction, of course I signed the confidentiality agmt and started plotting how a deal might work.
It seems there’s enough juice there to make a deal financeable. But it’s a real tight deadline (on the courthouse steps next Weds, and they want a closing 30 days after that) to assemble all the pieces, and frankly I’m swamped. Swamped, but tempted.
So my real questions are these:
(a) what are the odds the comp included in the package by the broker, which went for $1.4 million in July 2010, is a true barometer of how much this place will fetch at auction;
(b) how anemic is the demand side for this type of property just now; and so therefore
© is there any likelihood that I could be the only guy on the courthouse steps, come away with a steal, and find somebody nationally to flip it to within the lienholder’s 30-day frame?
Your macro perspective is especially appreciated; and if you were to steer me in the direction of anybody who would value a local point man and is looking to bid for a stable cash generator this month, well that would just be the cream in the Oreo.
I hope you’re well. I’ll drop you a cell no. if you’ve got time to chat.