Depends on your personal financial status and the motivation of your seller. Price sounds ridiculously high.... Does the park own all the homes? How much is lot rent?.... Sorry, you wren't asking that. As far as the financing goes, you are buying cashflow, not necessarily the ground per se. If you have a WLOC you could buy with 0 down.... Otherwise, you are dependent upon the seller carrying a goodly portion of the note, or pehaps the whole thing.
The Seller will not help in financing at all. Lot rent is 100 and homes are rented from 400-525. Cash flow for him is 6k a month most are paid for 4 of them are owned by the people living in them.
Consider the fact that I am meeting Sunday at 11 am to consider terms on 23 park owned units @ $250.00 per month or $5750.00 per month, and we are arguing over the difference between $225,000 and $275,000.00. Oh, and my seller will Land Contract with 20k down (to pay the realtor) with a 5 year balloon. It's been on the market for approx 2 years with no takers and I passed on it once before because he wouldn't talk price or terms. (wanted 350k)
So you can understand, even though I don't know your particular market, why I think that price of 500k+ is too high.
Good Luck,
Shawn(OH)
PS Why would you want that kind of deal anyway? Do you want to work it 30 years before you realize any monthly positive cashflow?
Depends on your personal financial status and the motivation of your seller. Price sounds ridiculously high.... Does the park own all the homes? How much is lot rent?.... Sorry, you wren't asking that. As far as the financing goes, you are buying cashflow, not necessarily the ground per se. If you have a WLOC you could buy with 0 down.... Otherwise, you are dependent upon the seller carrying a goodly portion of the note, or pehaps the whole thing.
Good Luck,
Shawn(OH)
That is high, look at the cost break down for 23 units, he wants over a half million for that...
I've noticed in recent times the inflated prices that are being advertised for parks in my area as well...
The Seller will not help in financing at all. Lot rent is 100 and homes are rented from 400-525. Cash flow for him is 6k a month most are paid for 4 of them are owned by the people living in them.
Consider the fact that I am meeting Sunday at 11 am to consider terms on 23 park owned units @ $250.00 per month or $5750.00 per month, and we are arguing over the difference between $225,000 and $275,000.00. Oh, and my seller will Land Contract with 20k down (to pay the realtor) with a 5 year balloon. It's been on the market for approx 2 years with no takers and I passed on it once before because he wouldn't talk price or terms. (wanted 350k)
So you can understand, even though I don't know your particular market, why I think that price of 500k+ is too high.
Good Luck,
Shawn(OH)
PS Why would you want that kind of deal anyway? Do you want to work it 30 years before you realize any monthly positive cashflow?