Posted by Glenn (MI) on May 22, 2008 at 09:31:38:
$90 mo for lot rent? That’s unheard of around here, even rural. $350-$449 mo is the average lot rent going around my neck of the woods in mid-Michigan.
By the time you collect your $200 mo note + the tenants $400 lot rent your looking at $600 mo. That’s a house payment with a yard and garage and maybe a white picket fence.
lot rent - Posted by John H.
Posted by John H. on May 09, 2008 at 19:17:21:
I have read the books and am getting ready to close my first deal!
I am looking at a small park and the lot rent seems low.
can any one help me with what a reasonable rent would be for a rural area?
the lots are currently renting for $90 for a single and $100 for a double.
seems very low to me. lot rent also includes water and garbage!
any help would be greatly appreciated.
Re: lot rent - Posted by jeff in oh
Posted by jeff in oh on May 10, 2008 at 17:55:40:
sounds very low to me. But why is it? Could be that park owner doesn’t want alot of turn over so they keep rents low. Call other parks and ask what they charge. If you have not confurmed the lot rent with the park manager of $90.00 you better do that first. P.S allways check the water pressure. IE turn on the shower and hot water.
Re: lot rent - Posted by Don-NY
Posted by Don-NY on May 10, 2008 at 19:35:17:
Without telling us where you live this is an unanswerable question!
Re: lot rent - Posted by John H.
Posted by John H. on May 10, 2008 at 18:54:48:
I know he has had the park paid for and and is also using some lots for RV’s. I was thinking of taking the lot rent to $150 immediately if we close the deal.
any thoughts?
Re: lot rent - Posted by John H.
Posted by John H. on May 11, 2008 at 02:54:12:
the lot is in southern iowa–rural area–no major cities within 40-50 miles.
Re: lot rent - Posted by Gary
Posted by Gary on May 10, 2008 at 20:58:04:
Yeah, Due Diligence comes to mind. Gary