Posted by Chris Reuman (Maine) on June 01, 2005 at 11:48:36:
This deal is best left for an experienced investor or a joint venture. You will need a lot of cash to cover all the holding costs. Also, you have to finish the project and then fill the park up. Lastly, the rents are very low, hence low cashflow. This seems like a lot of work for a small upside.
However, if you have a lot of cash and still want to do it, order Ray Alcorn’s Course. He is the best for parks.
Best investing, Chris
Advice needed on MHP deal—long - Posted by roy al
Posted by roy al on May 29, 2005 at 24:09:07:
I talked to a lady this evening about a park she is selling that is in the late stages of development. She says she is selling due to health reasons and medical bills.I haven’t read the books on parks yet, because we were sort just planning on doing Lonnie deals; but this seems to be a good deal. Haven’t looked at it yet but need to know some of the caveats.
It’s on 10 acres has 15 lots in with septic tanks and water meters. 7 lots w power poles, 6 lots rented @ $70 per month (which seems low for the area).
When the other power poles are in she said the bank says it should be worth about 25% more than the asking price. What are some of the things I should look for or ask about?