Posted by Doris - Va. on July 16, 2001 at 12:42:04:
Chuck - I am totally confused with your reply to my post. It’s a joke - right??? Either that or it was meant for someone else?
If you were referring to my park seller - you’re right. She is evidently not as motivated as one would think after trying to sell for three years.
I am located in Isle of Wight County (Smithfield, Va.) on the south side of the James River Bridge. This is Hampton Roads with the Newport News Shipyard - Navy bases all over - Norfolk and Va. Beach etc.
Not really near Prince Edward County. Without checking my map, I believe it is northwest of here probably nearer Richmond and northern Virginia.
Lots of King - Queen - Prince etc. counties up there.
Posted by Doris - Va. on July 15, 2001 at 17:27:55:
Hi Chuck -
My partner and I had a meeting at the Realtor’s office with the woman owner of the MHPark I posted about before. 21 spaces - SFH and 6 acre adjoining tract of land.
I think all the positives have turned into negatives.
She might consider leasing but not with the 6 acres included.
We learned that no conversion to city sewer is possible without a $250,000 pumping station etc.
We also learned that of the 8 or so possible lots on the 6 acres zoned for SFH, only 2 lots perk. The rest would be mound or peat systems. So much for a quick sale to a developer.
She has already given one of the three park owned rental trailers to her daughter. She would not expect to include those in the leased assets - so no converting to owner occupied units. She would keep those even in a purchase situation she said.
With the high maintenance on them, I don’t see why she wants them but I guess its the income.
Add all this to the fact that the park is grossly overpriced. This was evident when I did the Capitalization Rate evaluation @15%.
We left with her planning to think about leasing it and us deciding we had to rethink the whole thing.
After getting all this new information - I don’t see much of a deal here. I think we will walk away.
There must be another park out there somewhere with better possibilities.
Thank you Chuck (and Mr. Tew as well) for all your advice and help.
Posted by Doris - Va. on July 16, 2001 at 12:44:12:
Chuck - I am totally confused with your reply to my post. It’s a joke - right??? Either that or it was meant for someone else? Sorry - I’m feeling very dense today!! LOL
If you were referring to my park seller - you’re right. She is evidently not as motivated as one would think after trying to sell for three years.
I am located in Isle of Wight County (Smithfield, Va.) on the south side of the James River Bridge. This is Hampton Roads with the Newport News Shipyard - Navy bases all over - Norfolk and Va. Beach etc.
Not really near Prince Edward County. Without checking my map, I believe it is northwest of here probably nearer Richmond and northern Virginia.
Lots of King - Queen - Prince etc. counties up there.
