I was one of those people who raised their hand on 3-5 in San Diego and I and my business partner closed escrow on 4-24. The park was originally priced at $600K and we got it for $460K. 8.25 acres, 42 spaces, room to easily expand 3 more DW spaces (already have City OK), 3 empty lots, 2 abandoned homes, around a 12-13 cap rate based on current numbers, City services, water sub-meters going in starting in late June, only 1 eviction in process. Good infrastructure. I re-named the place and instituted some really brutal rule changes which brought immediate results. Police calls are way down and am getting resident inquiries regarding financing new homes, sheds, and referrals from their friends. If my house in CA ever sells, I plan to move into the community for a while and landscape the place. 8 WHOLE ACRES AND I GET TO LANDSCAPE ALL OF IT!!! I can’t wait.
I expect to have the place full and up and running the way I want it within 1 year. My goal is to be working overseas (I have job offers to teach English from all over the world.) and still be able to run the entire place on-line. Keep in mind I accomplished all of the above in just over 30 days. Imagine what I can do in a year. OK, OK, I’ll stop patting myself on the back lest I break an arm.
It took me 2 years of looking to find this place but I got pretty much exactly what I wanted. It was worth the wait and work to get this.
So, everyone, here is my formal declaration(Are you listening Steve Case?): I want to buy another, bigger, community in the near future. My goal is to eventually own 3 communities. If those of you with money out there are looking for someone with the smarts and drive to pull off a turnaround situation, let’s talk.
And an open invitation to anyone in my neck of the woods (north eastern Ohio about 45 minutes from Pittsburgh airport): You are welcome to give me a call and come by anytime. I’ll freely share the good and the bad and the numbers with you. I only ask that you bring along some ideas of your own to share with me. A six-pack is always appreciated, too:-)