Re: MH park…need advice… - Posted by Fran
Posted by Fran on March 10, 2000 at 14:31:33:
Thanks for your comments Ray…I’d really enjoy the response.
>> 1) How many spaces are currently occupied?
All 65!! Beleive it or not. They’re on a month to month basis so no lease, but, they just filled the 65th lot last month or so…
>> 2) Is the income from the “Lonnie” deals included in the revenue?
No. No financing income in the deal.
>> 3) Are the income and expense numbers actual or estimates?
The income/expense is based on last years’ (1999) records. These are numbers from the agent, so they may not be completely accurate.
>> 4) Are property taxes included in the $37,665 of expenses?
>> 5) Do you know how much cash the seller’s HAVE to have, and how much they will carry?
No. I can hammer that out soon enough. I know, I know…I should know this…
>> 6) Are you familiar with the market? How many spaces are in the market, and what is the market occupancy? What is the population trend in the area? Is the area growth made up of predominantly retirees or working families?
Familiar with the market, yes. It is a small borough outside a small city. One of those cities where there is a lot of old money, but lots of factories/mills (tool and die and plastics are HUGE here), with lots of working families.
As far as competeing parks, number of lots within XX miles, I don’t.
You’re going to have to value this as four elements:
Yeah, you said everything I thought you would say. I thought maybe interest only for a few years, that would give me cash flow…even more as I fill the expansion with financed homes.
My problem is getting the big downpayment…Hmmmm…I wonder how much they’ll take…only one way to find out, huh??
Anything else you see from these answers??