Posted by Tim on May 13, 2008 at 06:24:18:
In Reply to: lot rent posted by John H. on May 12, 2008 at 19:06:44:
I don't have any idea what lot rent is in rural Iowa. I do know that lot rent in some rural areas in Alabama is as low as $80-110. $125-150 is a fairly common lot rent in my non-rural area.
Based on this post, & your last I strongly suspect the deal you are working might not be a deal. It sounds like you need to raise the lot rent from $90 to at least $125 to make the numbers work. Thats an increase of over 30%. If the lot rent has to be raised to make the deal work it's not a deal, & you are paying the seller for potential.