improving down in sunny florida. We are thru the sub prime, almost thru prime and still kicking. Commercial just starting to melt down and I think this will presentf some rare investing opps. Maybe buy a mall? Why not over 500 of them in florida are at least 3 months behind in payments
http://www.statemaster.com/encyclopedia/Dead-mall#Florida
Or:
http://www.costar.com/News/Article.aspx?id=EFCDD6FDF45132250568CE3D8F2B946F
almost 10,499 major malls are distessed in the US as of June of this year and my friend at BofA says this number will double by year end as loans mature and refis are hard cuz a ton of malls are upside down due to falling vacancies and low land prices.
We are getting on, paying bills, looking for new ways to make a buck in mobiles. Palm Harbor closed their lot in Ocala…been there for 26 years and it was corporate owned not privately owned…not good news. Properties that look like bargains might not turn out to be…2002 doublewide on 4 acres, barn. fenced fully just sold for 38K but in 3 years it could be worth half that or ten times that amount…who knows.
I haven’t posted much or giving any advice becuse my old business model is truly broken…and I realize it could be years (or never) before that model is ever viable again.
Anyone doing anything cool right now in the mobile business? Making a buck? Losing a buck? LOL
Greg
That does not sound too cheery. I’ve been making offers on properties (MHP’a and Self Storage) and the buyers are holding fast at advertised prices. Thought we had a deal in Wyoming and the buyer pulled it off the market. Maybe I should pull my horns in and wait…
It is, and always has been about the financing. Those who don’t like math, ally yourself with those who do or find someone who can do the analysis for you.
There are some great deals out there, regardless of whether there’s more downside to prices out there. Just make sure the financing terms work IN THE LONG TERM. Price is only ONE variable!
Good luck to you hardy souls who are out there buying. Feel free to call me if you want to. I’d love to talk more about what’s going on.
Lin
828-337-7730
Post Edited (07-26-10 12:40)
The glass is still half full in Burlington. In fact it is 57% full (85/149). We are still gaining occupancy and of the homes in the community (85) we run about 2% vacancy. The new 2011 model homes sell about as fast as we bring them in and set them up. But we all know the issues with the new home business model. $$$$$$$$$$. I wish the repo/rehab business was still alive and well. No more big infill projects for me.
Nice to hear from you Greg
Best to All
Rick
Rick,
Burlington is a great little city. According to the people we met there, anybody who wants to work can find a job. Even the people at the cop-shop felt very positive about Burlington. Your purchase was the best deal of the latter part of the decade that I’m aware of. Why would you have to realize the entire potential of the park right now? Your park is 100% full if you could be satisfied with the 85 unit park for now! The other spaces could be considered reserves for future development. Or, say you are aiming for a 100 unit park for the next few years, then obviously you would have an 85% occupancy now. That is a superior occupancy when compared to other of larger parks. I know that your cash-flow is not hurting; therefore, why push a mountain? Just a thought from a friend. Also, consider – and I know you do – everything has its limits, including the political and economic proverbial excrement we are experiencing. Eventually, the sh— will be over, and the future will be very bright again. Let’s enjoy the meantime, and be good to yourself.