Mobile Home Park Listings
I accidentally deleted a web site I had saved ,, which was exclusive and very comprehensive about Statewide Listings in the State of Florida of all Mobile Home Parks out there being offered for sale .Is anyone familair with the site I am referring to and if so ,, what is it please ? Thanks very much
try loop net
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[ Edited by AaronSanDiego on Date 02/16/2006 ]
Most of the larger unit deals require at least 20-30 percent down even with a seller carry-back.
you cant get into anything in CA with out at least 20% down. Loan amounts are based primarly on debt service not LTV. I can go down to .8 which is slightly negative. Hope you like a 1.5% cap rate.
yes I know you can get 90%with Accordia funding Inc
I have got a 90% 1st and a 5% 2nd from seller
and put 5% down on a couple apartments.
its great if you only have to put down 5%
so instead of putting 10% down on one property
I put down 5% down on 2 propertys
You guys are lucky. Prices are so high in CA that you cant do that out here.
Hey Christian ,
Why is he selling these buildings so cheap. He paid $180k for them 12/2002.
Did they not appreciate any during that time. Just wondering why he is selling for less than he paid almost 4 years ago.
According to the owner, he is moving to Florida to pursue interests there. I have gone and checked them out and everything looks okay so far but I am having my inspector go check them out in a day or so, but like you said, kind of interesting so I am doing a lot of homework because you can never be too sure.
[addsig]
Ok, mabe he is moving to Florida , and want a quick sell, just seemed strange to me he is selling less than he paid 4 years ago.
U said u went through and seen them, and they checked out pretty good, so it just might be a great deal for U.
Keep us posted what happens.
(When I am searching on another real estate website)
What does the expenses cover ?
expenses include park electric, park maintenance, taxes, insurance, trash, water.
income is made up of slip rents(owner ocupied) and a couple trailer rentals.
Do I want to keep trailer rentals or sell the trailers and just collect slip rents?
thanks
why would anyone sell something that is making money. I think the best you can do is buy something at a break even and raise rents from there. No one in there right mind would give away something that makes money for an ask price. the price should always be a premium that will be realized in 5 years out. Any thoughts on that?
owner ocupied = trailer people owen the traier in my case above...
you yourself said it.
You should really be conservative with respoect to mangement fees. 6% forget it.
The money is made and lost in the negotiation. Get it for less. Talk the seller down using concessions, what ever. Otherwise, this deal aint gon work.
Good Investing
thanks for the feedback, so what should the price be for it to be a fair deal? 400k?
I think the management fee is your income if you are going to be managing it. Reserve is made for rainy days or unexpected expenses.But i think if it is mostly land rental as it seems from your descripation, so what are the expensive emergencies can there be ?
I think the area you want to verify is the income, is it some thing that jumped this year or is gradually getting to this point. It is likely that the owner is getting sudden jump in rental this year and hence feels it is good time to sell it. I think many people sell the properties or business when it is growing, because that is the time it can fetch good price and can be sell fast.