Posted by MB on March 28, 1999 at 13:58:19:
The property is for under 50K. According to the owner, the park has a positive cash flow of $1800 per month (we are VERY suspicious of this figure, and we are trying to get copies of the tax and expense info). His reason for selling is that he doesn?t have time for it?makes us think ?landlord hassles?. We are looking toward Lonnie deals - selling the trailers and carrying the notes. The park is small but has a lot of potential. There are 3 or 4 trailers that the park owns that would require major repair; the worst one has fire damage and a section of a side is gone. There are 9 owned by the park that are currently rented, so there is some income. Our thoughts would be to give the renters option to buy, and to set up some rules and regulations in order to remain in the park. The trailer that is rented out for the most money has bags and bags of aluminum cans piled up right outside the front door. The overall appearance could easily be improved.
IF we lived within 50 miles of this property, the only questions we would have would be price, terms, etc. But would distance keep this from being a good investment even though we could be there at least once a month (especially this summer) and have someone else help with the overall management? Does anyone have any suggestions for building a portfolio at a distance?
We?re a military family (for now), and that could mean a move anytime. Our goal is to generate enough income from real estate to one day soon say “Good Bye” to this job, and move back to our “home” state permanently. That’s why we are considering properties there. Has others faced this same dilemma?
Your responses are valuable to us. Thanks to all.