Park for Sale 105 spaces - 40 empty Help w/value - Posted by James Mc (IL)

Posted by Al (Wi) on July 01, 2003 at 07:39:22:
and click on the button on the left, titled “What we can do for you”.

Park for Sale 105 spaces - 40 empty Help w/value - Posted by James Mc (IL)

Posted by James Mc (IL) on June 30, 2003 at 16:32:23:

Broker ownered. He says that they have to much going on to look after it properly. Lot rents are $225.00 and he thinks that a dozen are under contract.

The worst units have been removed, but I think that their are still a few looking a little rough.

105 slots total with 35 empty. He said that they would consider some help with financing. How much help wasn’t disclosed. It is broker owned and in central ILL.

Asking $850,000.00 I could use some help with valuating this. And help with banks that would consider this.

James Mc (IL)

Re: Park for Sale 105 spaces - - Posted by Don Dion

Posted by Don Dion on July 03, 2003 at 13:46:16:

If your not working with a commercial mortgage broker now I would be happy to run the numbers for you and get as many quotes as needed to finance the deal for you. My best lender right now after a quick look at the vacancy problem is 90% LTV 70% Vacancy 30yr amort on a 10yr fixed based on the 10yr T-Bill

Re: Park for Sale 105 spaces - Posted by Doug

Posted by Doug on July 03, 2003 at 12:35:07:

Is this park still for sale? I am an investor in IL and currently in the “hunt” for a good MHP project.

105 space MHP - Posted by John Merchant

Posted by John Merchant on June 30, 2003 at 19:54:22:

You’d be smart to find an experienced & recommended Commercial Agent to help you with your numbers here. Those people know what questions to ask and what info to require, so you’ll get ALL the info…and a lot more than you would if you try to handle it alone.

Those agents live in a world where they are, daily, looking over income properties and they know how to
"value" the property in your favor.

Since your agent would be acting as your Buyer’s Agent, he/she’d be splitting the sales commission, which is normally paid by the seller, so would cost you zero.

Re: 105 space MHP - Good Idea - Posted by James Mc (IL)

Posted by James Mc (IL) on July 01, 2003 at 01:13:04:

Good Idea. This park is agent owned.

His father was a partner years back with another heavyweight agent. They developed several subdivisions and ever owned a major lumber supply yard which was a handshake deal for building supplies in these developements (house subdivisions and some comercial areas).

This guy, the son of one of the long disolved partners, has a strong background and I should find a strong agent for my side of the table.

Good idea. Thanks.

James Mc (IL)