We have found a 22 space park, no POH, all city utilities, sub metered water, tenant pays everything else, the homes are even on city streets. We can’t get it financed b/c the owner’s t/r don’t at all resemble the P&L he provided, he has written off large expenses for other propreites as well as personal expenses. It’s priced at a 10.8 cap w/ 2 spaces vacant when filled will bump it to a 12 cap.
We are thinking of paying cash for this park and refiing once we own for a year to get our money out for a down payment to leverage on a larger facility. Since we are buying direct from the owner, we aren’t sure exactly how to handle all the title work, contract and due diligence.
Ques #1 - What do you think of paying cash for a property w/ thougths of refi in a year?
Ques #2 - Suggestions on finigns good RE Atty so we don’t get burned.