Hi All,
What value do you add to a park when notes go with it? They are asking $105,000 but that seems high to me?
Thanks,
Barry
Spaces: 12 spaces - 5 vacancies currrently
Current Occupancy: 7 singlewide homes, 1990 or newer, 3 homes are park owned
Lot Rent: $85.00 per month - (market is $100)
Payments: tenants mail in money orders / due on 25th, late on 1st, evict 12th
Notes on Homes: 3 homes on lease with purchase option
Mobile 1: 1997 Oakwood 16x80 Purchase price $15k 10 years @ 13.25% Pays $215/mo created August 2004
Mobile 2: 1998 Oakwood 14x70 Purchase price $19.5 15 years @ 11.5% Pays $215/ mo created February 2006
Mobile 3: 1997 Palm harbor 14x70 Purchase price $20k 15 years @ 11.5% Pays $215/mo created January 2006
Utilities: City water and sewer, residents pays all costs
Trash: City provided service, residents pay all costs
Taxes: $180/yr total = Property Taxes $120 per year / License is $60 per year
Operating expense: Grass mowing vacant lots - $500. per year
Current Revenue: Current with vacancies - $7140 lot rent plus $7740 from notes for total $14,880. (annual)
Total Expenses: We pay - $180 taxes and license, Mowing $500, Liability Insurance $360
NOI: 13,840 current - Pro-Forma is an additional 18,000 or $31,840 total annual