Absentee PM seems cool with a package deal - names two homes that he figures for 3500-4000 as the most expensive he offers. Also willing to work with me regarding free space rent for the rehab period and until occupied.
Better and better?? We’ll see - these ARE very old and small homes - only one 3 br in the bunch, and some one brs.
Waiting to hear on the title mess . . . I figure the park can call it abandoned, take ownership, file for lost title.
Wait’ll you hear this one! - Posted by Steve W (WA)
Posted by Steve W (WA) on May 12, 2002 at 10:35:20:
What a Saturday! Just regaling some of yesterday’s escapades before the Mother of the house wakes up, and gets all of the attention today (Happy Mother’s Day to all you Mothers out there!)
Earlier in the week, called the out of town manager - owner’s independent representative he calls himself; I can’t call him PM because that is a different type, to me - for what many of my friends call one of the most run down parks around.
He said that the park recently stopped rentals, and that the park owned about 12 MHs that were empty and for sale. Everyone says these are OLD and CRUDDY, but you know how a Lonnie student’s mind works . . .
Park is not THAT bad - seen worse. I counted about 10 empty, most unlocked. Worst one I saw (that the mgr said he would give away if someone would take it) was - I believe - fixable with new floor plywood, carpet/tile/paint, and cleaning and paneling the walls throughout. All need at least a good cleaning, painting, and new carpet/tile. Some need electrical rework - I saw fuse boxes!
Several 10-wides, shiny-sides, etc. Some 12-wide, and one 20-yr-old FSBO in good shape that the motivated owners drove an hour to show me - Now we wait.
I am considering offering $500 to $1000 for each of the wobbly boxes - sell for ~ $3-5K - or perhaps a $20 option on each one to buy at that price. I also figure that I can clause in free lot rent until sold.
Several have no title - the owners will have to square that away first - the absentee PM says titles lost in the shuffle of shifting owners/evictions, etc. Sounds like a mess to me - but not my mess.
Steve, this might be a good one to look up the owner’s name and address if the property tax rolls and go vist him. Maybe you could buy the park cheap, by making an offer based on the parks CURRENT income, with seller financing. Then solve the problems and you should have a nice spread between your debt service and rental income.