yes it is,
felt I wanted to get my feet wet with a small park before jumping off the boat.
Sorry I missed you last week, I though about you being here on Thursday then with trying to get all this done forgot to even give you call, last week was a blur.
Best thing about this whole deal is, my first LD home came back after 6 months. I had only 4K left in the deal, they left the home in way better condition than when I sold it. Turned around sold the home for all cash for 20K. Took the cash and L/O this park with 12K of it. So from a LD to a small park with an intial investment 7 months ago of 6K.
I will have all my option deposit back in 1 year if I do nothing to the park. Of course I am giving myself 120 days to have it humming and should double the gross income and cut expenses by 76% so while the park is small it should be spinning off some decent cash before year end. Then pop the option and pull out all my cash and hunt down a bigger one, at least 70 pads.
Clarification, the expenses on this park are out of control, park pays all water, all trash. Old owner’s late fee was $7 he said it was ineffective I wonder why. The guy had no business owning a park. Suprisingly the park is very quite and laid back with no people problems. Just a few late payers old owner had no lease agreements and has no security deposits so I do have a few challenges but all seem to be manageble.
Thanks to all on this board who have given inspiration through their postings.