Posted by Dirk Roach on May 09, 1999 at 12:06:40:
SOunds like your moving right along.
In my market (San Diego area) I have run across the same thing, in regards to age and various upgrading by most parks.
However when you get a couple of parks to work in you’ll do just fine.
Okay your post also brings up an interesting point which I have observed in many people and books and courses and such.
What that observation is that people do not tailer these varrious investment stratigies to their respective markets. When reading these matrials remember that most often the data collected is subject to a particular market. And thus you will want to adjust your numbers accordingly.
Tim, it sounds as if your learning your market, which is paramount for success in any RE endevor really (heck in any business endevor).
Remember what Lonnie says this is what works for him and his business where he is at.
Now where I am at the numbers are different. I live in generally a more expensive market. Which is to say that people are used to paying more for a roof. However at the same time most people would cringe to know that the average space rent out here is also higher. So it pretty much balances out.
As for age. In my market I have found the same to be true as you. When I refer to an old mobile home it is useally in the early 70’s. “OLD” (in caps) in my market is one in the early 60’s (which I have sound and flip a few of these for pretty good profit). And “Man I can’t beleive how old that thing is” is in the early 50’s. I have only flipped two of these. Still made profit though.
Hope this helps,