Condo conversion


#1

Hello i have purchased Steve And Ernest study course on MHP and am looking forward to purchasing my first park in the near future. I currently have a four unit apartment building that i originally wanted to condo convert and then 10-31 into a MHP, but i learned from my CPA and atttorney that i could not 10-31 the units because they would be considered “inventoried property”. Therefore, because of my tax basis being low i am selling the building as a whole and then i will 10-31 into a MHP.

The units are unoccupied and 85% condo converted. The building is in walking distance to the Metro and shopping. All plans, condo documents, and engineering reports convey with the property. The condo comps for the last six months in the same zipcode are between 249,000-269,000 a unit. I am selling the entire building for 679,000. If anyone would like more details on the property please email me at timpalchak@yahoo.com