Posted by Tony Colella on May 31, 2009 at 19:53:39:
In Reply to: Is this deal worth a look? posted by Jonathan on May 31, 2009 at 11:36:13:
As the other posters pointed out, you don't have enough info but that's ok, you can get it.
My first concern is the 2 hours away part. My niche has always been these type of small parks and one thing experience has taught me is that you need to be close to them. Sure, at some point you can get the running at a cash flow that allows you to look at other properties or pay less attention but that may be many years away.
Right now we know that you are 2 hours away and the park is grossing $300 per month before taxes, insurance, maintenance (even in lot rent only there is some maintenance) collections, late pays etc.
The $54k is coming from where? If your pocket then the mortgage is a non-issue and we then move on to where/how you will fund the infilling of the remaining 8 lots.
If financed,then we need to discuss where the rest of the payment and expenses are coming from.
Don't get us wrong. We are not here telling you not to do this. No one has that info just yet.
If nothing else Jonathan you have an awesome, hands on learning experience to get your teeth into just learning what info to get and what then to do with that info. We can help. Hang in there.
Tony
- Re: Is this deal worth a look? Jonathan 20:57:10 05/31/09 (2)
- Re: Is this deal worth a look? Tony Colella 10:02:03 06/01/09 (1)
- Re: Is this deal worth a look? Don-NY 16:04:51 06/01/09 (0)