Re: should I buy this park? - Posted by The55+GuyFromAZ
Posted by The55+GuyFromAZ on January 07, 2004 at 23:34:07:
“He is basically paying 215,000 for this park”.
Actually, he’s paying $400,000 for a 21-space mobile home park and a (most likely over-valued) house… both of which will have “requirements” such as insurance, real estate taxes, upkeep and so on… plus the house isn’t generating any income and won’t if he chooses to live in it… which “may” cut his living expenses somewhat (highly doubtful in the larger scheme of things)… conveniently placing him within shouting distance of his new tenants… while he does 100% of the work, and pays 100% of the expenses/costs… out of his 50% of the profits.
Just because it sounds like a deal, doesn’t mean it is one.