Hi I entered into an agreement to buy a bunch of land and notes in a camping resort, the owners are owed 1.9 million on lots they already sold and that income would be mine, some of the people are paying on time and some are not but that amount comes out to about $7,000 per month that is being paid. To be honest I would forclosue on the others who are not paying but the owner now is not.
Now also included in this deal are 770 lots they own free and clear of which 310 of these lots are building lots for houses and the owner could sell these lots for $10,000 each which comes out to 3.1 million dollars. Now the rest of the lots are as follows they have 63 membership lots that they could sell for $1500 each for a total of $94k. Also they included are 391 camping timeshare lots which sell for $4,000 per two weeks which is worth a total of $40 million dollars if all of them sold which is un-realistic im sure. but now also included are 6 mobile home lots which sell for $5,000 each.
Now thats not the end of it also included are 414 lots that they own but they are lots that I would have to forclouse on and pay the back taxes which they said would cost me between 10k-15k to do but would give me even more lots to sell and generate more income.
Now this deal also comes with a commercial lot with two doublewides on it and another lot with a doublewide for there sales office.
The entire portfolio was appraised a few years ago for over 6 million dollars.
I have a deal worked out with these folks to close in 90 days with $1 as my earnest money and a total of $1.5 million being my cost to purchase these lots, mobiles and sales office. My question is who will help me with some advice on how to make this deal happen within the 90 days.
I have a good plan on how to pay a monthly payment if I were to keep the portfolio and sell the lots off and run the place myself but would rather just make a quick buck on this deal as its in texas and I live in florida so anyone out there with some help?