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MH park - Posted by Dwight -VA/DC-
Posted by Dwight -VA/DC- on June 18, 2004 at 14:09:08:
I may have an opportunity to purchase a mobile home park soon. I am going to look at the property next week but I am a little unsure as to exactly what info I should look at to determine an asking price. I already know that the cap rate is 10.5 and that it has lots already tenanted although not to full capacity. The homes are all privately owned–is that a bad thing? There is room to put some homes on the property and sell it to some people but that will come later. I do not own any investment property and I have not flipped any property (this would be my first) but the sellers have to sell the property (court order) and I want to buy it because of the possible rental income. What should I look at when I meet with the agent and seller? Vacancy rate by season, P & L statement for last 3 years, deficiency rate? I was also informed that it would probably swing the deal my way if I offered to buy the company from the sellers because of the court order to dissolve the partnership. Does that sound like a good idea?
Details: 55 lots with 42 rented @ $160/month plus 30 acres that have to go with the sale
Re: MH park - Posted by Frederick Beamish
Posted by Frederick Beamish on November 19, 2004 at 05:18:20:
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mpu ;>
Re: MH park - Posted by ray@lcorn
Posted by ray@lcorn on June 22, 2004 at 12:17:13:
Dwight,
Here’s an article that will help you with due diligence:
http://www.creonline.com/articles/art-148.html
You do NOT want to buy the company, partnership, corporation ar any entity that the sellers own. There are substantial liability issues in doing so. If you get serious about the deal then you can have your attorney explain the details. For now, just don’t commit to doing anything of the kind.
As you get more details post them here and we’ll help you analyze the deal.
ray
Re: MH park - Posted by john bruno
Posted by john bruno on June 19, 2004 at 21:26:09:
Dwight…Wow! Right out of the box with a mobile home park!
A troubled one at that!
I would recommend that you start with something smaller. Understand the real estate business before you go after something you don’t understand and in which you are going to be asked to provide a substantial amount of capital.
When you don’t know what you’re doing, it is one of the fastest ways to lose ALL OF YOUR MONEY.
I do some mobile home park financing and I wouldn’t consider presenting anyone that doesn’t have any experience in managing a park to a lender. First question out of the box: Has he managed one before? If not…has he hired a park manager (an expense you are not counting on).
Would be happy to talk with you to save you from some problems in the future.
John at REBCO Business Services 815-469-4520