need help with 1st park - Posted by Marty from MO
Posted by Marty from MO on September 10, 2003 at 10:04:26:
After purchasing Lonnies books I was looking though the newspaper looking for Lonnie deals and found a park for sale they want $350,000 it sits on 9.3 acres appx. 4 acres developed, a total 23 trailer spots lot rent is $90 per mth, 5 just lot rent 16 they own the mobile 1 the owner lives in also 3 house 1 of those is rented the other 2 are cabin size that need torn down and mobiles put in, there is a 30x56 metal storage building also on land, there stated expenses are water/sewer $450.mth, trash $88 mth, mowing $300 mth, security lights $17 mth, taxes $1,100 yr, insurance $1,600 yr, total income right now is $4700, the owner will carry 75,000 on a second
The reason there selling so she says is that she has sevral rental houses she owns also she is moving about an hour away because of her husband work and she does not want to hire a park manager kind of weak reason I think
I have been sitting on this about 5 mths now it seem the seller is very motivated anyway it seems to good to be true what are some snake’s that could pop up from the wood pile so to speak and bite me in the ----- you know where!!
Also was wondering what type of financing was out there for this type of investment and so on
Marty From Missouri