Hi,
I’m looking at a 5 unit park in Virginia, 2 dbbl’s and 1 single owned by the park. Two singles rent spaces.
Here are the numbers:
dbbl - 550.00
dbbl - 600.00
single - 500.00
2 single lot rent of 300.00 each - total 600.00
Total monthly income: 2250.00
100% occupied.
Asking price 275000.00
Owner will hold 2nd on full price offer per realitor.
Expenses as follows: Annual
Lawn: 600
MGMT: 1200
Repairs: 600
Pluming 1000
Trash: 600
Taxes: about 1000 or less…don’t have exact numbers.
These could be reduced, mgmt would go away. I’ll do it cause i plan to sell the units. So repairs/mgmt and some other expenses would go away.
Any assist with number crunching appreciated. Need to make an offer quick. thanks.
Any help from some seasoned investors would be appreciated. I’d like to make an offer today. Thanks for your help.
I dont know your area BUT that is VERY PRICEY from what I have seen other parks triple the size or more are for. As an example I have a 9 unit which has 2 single wides in it. These are leased to the owners. I have it up for sale at 10K. Its in ND though so different market. I am waiting to get a reply back from the webmaster to actually post it here as well as some other properties I have. Look at comparable prices for double wides in the area selling on seperate land MLS same year and then take the value of the land away to get prices. I get Doublewides for around 10-15K depending on year and 1-10K singlewides depending on year. Calculate what it would cost you to make a park the same with same years and same lot size and you will see the price is not justified in my opinion. I am no expert by anymeans just opinionated.
The market is a little better here than most places, but I tend to agree the price is a little more than its worth in my opionion too. I was thinking about making an offer for about 75% of the asking price. I will do some calcs first however. Thanks for the comments.
Hello, How is your financial status and credit for funding?
I have good credit. Not alot to put down but thats no biggie. Why do you ask?
“Hello, How is your financial status and credit for funding?”, said the Hard Money Lender Loan Broker
“I have good credit. Not alot to put down but thats no biggie. Why do you ask?”, replied the investor/poster…
“BECAUSE HE WANTS TO SELL YOU MONEY!!!”, surmised the ugly, sarcastic German on-looker.
Not rocket science on this one!
Keith (the ugly, sarcastic, German on-looker)
Hello, Just wanted to offer some assistance. Stay with a traditional lender. Good luck with your project.