I have a few questions about financing,buying, and sub-metering:
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The seller is not willing to provide bank statements, but they have given us profit and loss statements, rent rolls, and tax statements. Should this concern us?
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The bank is going to require a personal guarantee, so the loan will not be non-recourse. The banker said that this is what we would find with any bank. Is that true?
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This might be a dumb question, but would it not make sense to buy any park that is in decent shape, but is not sub-metering their water and sewer currently and sub-meter them for a couple years (so there is a track record of the operating statements) and sell them? It seems like this is an obvious thing to do, the downside I see is that a new buyer may not see any upside in the park. What are your opinions? Thanks.