Any Suggestions? - Posted by Chaz

Posted by Chuck (AZ) on July 24, 2001 at 13:48:40:

Sounds very workable… give me abit of info and I’ll outline a plan for you.

  1. Location?
  2. Market value of each SFH?
  3. Rental income from the SFH’s?
  4. Number of potential MH lots, given the parks current layout (I’d guess 50-70)?
  5. Average MH lot rent for that market (clubhouse’d parks)?
  6. Average apartment rent for that market?

Any Suggestions? - Posted by Chaz

Posted by Chaz on July 24, 2001 at 13:13:47:

Here’s what I’m dealing with:
-13 acre property, formerly a 25 site campground. Has a 1200 sq ft clubhouse w/ pool, pond, trees, etc. The well is outstanding and the sewer plant is “rated” at 2500 gal per day.

  • 2 SFH on property; one 1250 sq ft, another about 1800 sq ft. Both were used as rentals, one is currently rented, the other recently vacant. Both need work. (nothing real major)
    -Property previously had 4 MH (all are gone now) which were rentals

A friend built the campground and lived here. He sold it several years ago and carried a second mortgage. Buyer defaulted and he purchased the property at a sheriif’s sale, thinking that cleaning it up and selling it again was his best bet at getting his money out of the deal.
He needs a little over $225K (total) to do this.

He asked me for some input and, after some investigation, it looked like a MHP on at least part of the property or putting some MH back on the property as rentals might be a good idea. (re-opening the campground is the least preferable option-too much work and too long to wait to re-sell it).

I know the “devil is in the details” but do any of you have some ideas on this place? I think the houses could be split and sold off, leaving the clubhouse, sewer plant, an MH sites.

Thanks for any suggestions