I would like to buy a portfolio full of land holdings in an rv camping resort which also has hundreds of house building lots and mobile home lots. The seller of the lots had the portolio or lots appraised back in 1998 and the appraisal was over 6 million dollars.
These lots sell now for a bit more than back in 1998 of course and I would like to purchase all the lots to sell them and build houses on the building lots and mobile home lots and to sell the camping and rv lots to keep a steady income coming into the property.
There are a total of around 1100 lots that can be purchased in one portfolio.
Right now there are over 150 people paying for the lots that this company sold to people and the money coming in is equal to around $7,000 per month.
Also there is a commercial building on the property that can be rehabbed and sold off and a new sales center building that could be sold off as well.
I can purchase the portfolio for less than half of the appraised value but need the funds to do so can anyone help with suggestions?
Normally a request for money is deleted as an ad but I am reading between the lines that you need more than just a lender. You could be over your head and bite off more than you can chew. My question is why after 7 years have they only sold 150 lots. The $7000 per month should carry the $3,000,000 loan to purchase the property but what then. How can you sell them better than the developer. You are going to need fix up costs of some sort too as well as carrying costs more than likely. There are taxes and water bills and office expenses and salaries etc. I am the last person in the world to be pessimistic but just be sure to do your homework. If it looks too good to be true it probably is. It reminds me of a development here in Austin that after 20 years is still losing lots for back taxes and several developers in a row have gone down the brink thinking they could do a better job than the previous owner.