Posted by Ernest Tew on November 09, 2000 at 03:23:08:
Troy, I sometimes help people evaluate and acquire parks. If you would like to discuss it, please give me a call at (352) 475-1280 next week. I’m on my way to Las Vegas for a seminar in a few minutes.
Hard money loans - Posted by Troy J. Big Pond
Posted by Troy J. Big Pond on November 08, 2000 at 23:14:20:
I just got off the phone with a seller, who sent me an income and expense statement. The seller is boasting a 170,000 gross income; after operating expenses; the net is approximately 92,000. This is for a mobile home park. Three things stuck out really bad; contract labor-29,271.00 , park maintenence-8737.00 ,and rental maintenence-17,189.44 . Is it wrong for me to ask for a breakdown of these items ? Im probably doing this in the wrong order, but this is the situation. The seller wants a minimum of 150,000 down (I need a hard money lender for that). Hint. Hint. He also wants me to qualify for a loan on the rest. I asked if he would be willing to carry the rest, he told me that he might be able to carry part of it??? The loan that he wants me to qaulify for is for 15 yrs. at 9% ( selling price is 775,000.- ). Im looking for advice. Is this a good deal? and if so where do I get the hard money loan???