I am looking at a distressed 300 lot park. Very low occupancy, lots of vacant homes, and the place is on the verge of closing. I can buy for 125k with 15,000 down with owner financing with no payments for 6 months. I would be on the hook for sizeable back owed water and property taxes. This deal intrigues me as far as turning it around and possibly even flipping in 6 months.
Soo now my question, this park has 3 water meters. Which sucks in my opinion because the city is going to charge you more money than if you had 1 meter. When you add up the combined Water Service Charges and Sewer Service Charges… it comes out to a little over $3000.00. So before even a drop of water is used- the owner would be stuck $3000. How do experienced park owners here handle this? Do you negotiate with the water department to reduce fees? What do you ask for? There is also a big back due water bill-- it seems a city has little incentive to give you a break on water. But perhaps they could do a 1 time adjustment. Let me know! Thank you