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PLEASE HELP-DETAILS - Posted by Dwight
Posted by Dwight on June 24, 2004 at 07:23:31:
1999 2000 2001 2002 2003
Consultant fees-Sewage 6000 6000 6000 6100 6100
Bank Charges 235 81 388 213 136
Sewage 5929 3425 4844 2995 2108
Water 1516 1555 2804 3213 2936
Maintenance 1914 1059 1160 2455 0
Utilities 6902 7841 7954 7900 7957
Refuse 4623 4881 4836 5702 4976
Misc. 2925 3354 1375 86 2339
Insurance 1854 1786 1768 2061 2275
Real Estate Taxes 3363 3363 3168 3034 3111
Advertising 0 0 0 2577 0
Licenses 595 180 593 120 20
Consulting Fees-PM 4980 5340 5738 6555 6480
Legal/Professional 0 375 2498 342 0
Telephone 0 0 221 587 698
Replacement Reserves 3865 3947 4190 4291 4647
I am going to see the park this evening. Should I go?
Re: PLEASE HELP-DETAILS - Posted by Chris Reuman (Maine)
Posted by Chris Reuman (Maine) on June 24, 2004 at 20:39:55:
Dwight, Thanks for the numbers. Definetly a little sand bagging. I question these figures due to sharp decline from previous years: Bank Charges, Sewage, Maintenance, Advertising, Licenses, and Legal. Also, what is the Consultants Fees - Sewage for $6,100?? and the Consulting Fees - PM for $6480?? Would you be doing these jobs, and making that money? Also, from your previous post, you said the income was $92,935. However, I calculate 42 lots times $160 equals $80,640. Big difference. Also, I’m not excluding any delinquent lots. I put all these numbers and what I thought certain numbers should be and didn’t include any profit for you (assumed you would be the consultants) and I came up with between $280k - $305k. I didn’t include anything for the extra land, that is free. Lastly, can any of the expenses be cut in the future. Is the water individually metered?? If you what to see my spreadsheet, just respond to this message.
Wish you the best, Chris
Re: PLEASE HELP-DETAILS - Posted by Dave Fl.
Posted by Dave Fl. on June 24, 2004 at 07:55:30:
All I see is expenses, is there no income? Is this a positive or negative cash flow property? What is the lot rent? Any other rent? Any other income? Got to have both sides to develope an opinion.
Re: PLEASE HELP-DETAILS - Posted by Dwight
Posted by Dwight on June 25, 2004 at 09:21:54:
Yes, I would love to see your spreadsheet. I decided not to go see the property yesterday because I thought that it would be a waste of my time. Based on the statements that were sent to me, which you have commented on yourself, I do not believe that the seller can justify his asking price. So, I told the agent that I would write up a few contracts for the seller to look over and fax them to him. He called me back 20 min. later saying that the seller has his hands tied, as is, and he would look at any offer.
I do not feel comfortable with the amount of expenses I would be paying so I plan on offering $330k with owner taking back 20%. Or $295k all cash. Both are subject to financing, approval of partner, approval of attorney, due diligence. Accepting the fact that the property is worth about $320K using a cap rate of 12%, am I correct in thinking that when I go for financing that the land will be included in the appraisal? The land should go for about $4,000/acre, which adds another $120K to the value. That’s an appraised value of about $440K which will allow me to take a 75% loan and get some cash back. On top of that, when the agent called me back he said that he is more than willing to work with me on selling parcels of the land to people who have been calling him. He said this without me even asking.
I figure that I can at least sell some of the land and then sell the property after a few fix ups and make a good sum of money in the process while allowing the seller to get some cash without losing his asset through the court. Win/win. I don’t believe that he wants out of the property; so, it’s possible he will want to buy it back from me will an sell.
Re: PLEASE HELP-DETAILS - Posted by Dwight
Posted by Dwight on June 24, 2004 at 09:02:35:
The income is in the preceding post for PLEASE HELP.
Currently, 55 units-44 occupied @$160 (below market)