Posted by The55+Guy on October 17, 2005 at 14:14:56:
The fact that it’s being sold thru a business broker probably means little to nothing… the most plausable explaination is that the heirs didn’t understand the product-type (they didn’t know that mhp’s are considered commercial real estate), so they went with the business model.
As long as your getting the real estate, everything that sits on it and all the improvements… they can call it whatever they want… and your offer should be based on what it’s worth to you, not how it’s priced or being marketed.
need help to structure a deal - Posted by Jackie
Posted by Jackie on October 17, 2005 at 13:32:59:
There is a mobile home park for sale that’s in an estate. It is being sold as a business and is listed with a business broker. Facts are:
- There are 20 developed sites, 15 being rented for $120 per month.
- There is potential for an additional 20 sites to be developed but I don’t know how to find out the cost of what needs to be done to develop.
- Asking price is $225,000 and this would include a 1995 trailor home with a garage.
- There are 2 other garages.
- Property, land and buildings, are assessed at $87,000.
- There are 5 heirs to the estate.
I would like to put in an offer as land and buildings not as a business.
Any input would be appreciated.
Re: need help to structure a deal - Posted by joe-ga
Posted by joe-ga on October 19, 2005 at 07:05:46:
my first stop would be the local codes dept. see what they say.