Hi guys and gals. I
your use of the terms “the former owner says” and “apparently” indicate that you seem to trust too much in others’ opinions. Likewise, the fact that you want ours - we are just anonymous internet knuckleheads, and if you trust ME, and my opinion, without backing it up by research, you are headed for a bad trip, my friend.
I recommend that you buy the iinvestors tookit NOW, and any other park investment stuff that you can get your hands on. You need to be proactive in your pursuit of learning what you do not know, and that doesnt mean just asking on a forum.
also, Id be skeptical of the infrastructure on a 50 yr old park - elec service? septic status? I learned the hard way that the reasonable life of a drainfield is about 35 yrs. . .
please dont think im pooping all over this, because it sounds good . . . but there’s a LOT of things that have to be unearthed here, and if they are not, then you could meet a fiery and violent demise
I appreciate the response. I
DD is started after the offer is accepted. What is your motivation for this purchase? Fix up, fill up and flip? or buy and hold? What is the upside? What is your exit strategy? Is there a market? or is this always going to be a little old trailer park? The lender will want to make sure that they will not get this back again…do you have cash? As you can see their are many un-answered questions. Take Steves advice and learn all you can about this asset class before stepping on a land mine. Just my 2 cents.
What would be a reasonable way to verify the indiviual septic systems. Lets say over fifty lots all 1:1 large lots & County or City water paid bt tenant. Is it reasonable to ask to have each septic system inspected and verified the cost there would seem to be pretty high. What do you guys think one should do inthis case of anything less than a visual of each lot andarea around drain fields. Thanks Terry
I not only had the county inspect every septic system, but required that the seller have them all pumped. Know that if you’ve got two units on one system, a “twofer,” you likely w/not be able to replace any of those homes w/out installing separate systems. Get your “repair” permit before hauling off any MHs or you could lose the space.
I know this park if it’s initials are BP.
Give me a call at 352-694-0818 and I’ll share what I have.
It is hard to tell you exactly what this park is worth with the limited info you sent but I would say a good ballpark to start in is in the 200-300 range.
Some of the major factors here are the defered maintance, the ages and conditions of these park owned homes, the market rents, and the overall condition of the park.