David-S, Dirk, and other MH Guys - Posted by Robert(AL)
Posted by Robert(AL) on May 01, 1999 at 18:31:03:
I met with the park owner today of the 5 unit rental park. I didn’t get all the info I wanted just yet but I have more to go on now than I did in my last post.
Deminsions of property are-
East line(road frontage)412’
North line 390’
West line 338’
South line 398’
Property is broken into 5 lots each with one rental mh-
Lot 1 monthly rent (lot + mh) $260
lot deminsions - n- 390’, e-104’, s-458’, w-60’
Lot 2 monthly rent (lot + mh) $260
lot deminsions - n- 458’, e-73’, s-455’, w-58’
Lot 3 monthly rent (lot + mh) $180
lot deminsions - n-455’, e-70’, s-455’, w-70’
Lot 4 monthly rent (lot + mh) $260
lot deminsions - n-455’, e-70’, s-438’, w-70’
Lot 5 monthly rent (lot + mh) $260
lot deminsions - n-438’, e-95’, s-398’, w-80’
Total monthly income before expenses $1220.00
Asking price $85,000 seller said he would finance
Only about the front 100’ of each lot is cleared for use, there seems to be opportunity here to develop the additional property to generate more income producing lots. All the mh’s are currently rented and they are the older “Lonnie Deal” type. As I mentioned in my previous post, if I purchased the park, I would want to sell the mh’s via a “Lonnie Deal” so as not to have to deal with tenant hassles. We have not begun any negotiating on purchase price and I have not seen his Schedule E to verify income and expense. After selling the mh’s the lots should rent for about $125 or so each.
I would appreciate any input or ideas any of you may have.