Posted by Edwin Bland on June 20, 2007 at 05:18:34:
Thanks for your response Dan!
I’m under contract to buy a “turnaround” park. I have 3 weeks left until closing. There are 21 MH’s… I anticipate trashing 3-5 of these. There’s also a 3BD/3BA SFR on the property that’s vacant & in need of repair… that will be the first priority. Since it’s a cash deal I believe I can pull capital out of the SFR after it’s rehabbed…
I’m looking for single wides newer than '95 if possible in reasonable condition that can be toted to the DFW metro area with ease. I’d like to pay under $8k for acquisition, setup & rehab. I’m still in the due diligence period… how exhausting. … land surveys, TCEQ, septic inspections, contract reviews, mineral contract reviews, etc…
16x80’s in the 4k range sounds doable… I won’t be ready for these for a couple months… I need to spend my time initially cleaning the park up, establishing some rules & stabilizing the rent base that’s there.
p.s. What are you paying for toting fees? I have a buddy who pays $400… but his guy also lives in his park… that’s a pull only.