Posted by Paul Stryer on February 05, 2006 at 13:39:38:
WOW - good luck on that one, I thought $600 per month was bad in San Jose CA, but $930 now that is the highest lot rent I have seen yet.
Your best bet is to make the loan for as long as you can so the payments are as low as possiable since they are already paying almost 1000 per month for lot rent.
If you sell it for 16K @ 12.75% for 10 years that would be $236.54 = which puts them at almost $1100 per month and that does not include insurance and prop tax.
If I remember correctly from Lonnie’s book he says to stay away from retirement parks for this and other reasons.
I guess it is time to read the books again.
Cheers
Paul Stryer