Posted by Tony Colella on June 01, 2009 at 10:02:03:
In Reply to: Re: Is this deal worth a look? posted by Jonathan on May 31, 2009 at 20:57:10:
Even with good tenants, small parks like this tend to remain hands on but some do run rather smoothly. Trying to handle problems from 2 hours away is, as we both agreed, a concern. That could get expensive.
The cost of bringing homes in is something that many folks overlook. Not only is this a heck of a lot of work, it will take a lot of cash. Let's assume you can find decent repo's cheap and have the moved in, setup, hooked up to utilities, rehabbed and inspected all for $10k. With 8 homes that is $80,000 and usually needs to come from cash on hand or credit lines as this country works its way through the credit crisis even this could be an issue.
To get a home bought, moved, setup and repaired for $10k is going to be a stretch if you have to hire all the work out due to 2 hour distance.
Just more food for thought but certainly not the entire meal.
Tony
- Re: Is this deal worth a look? Don-NY 16:04:51 06/01/09 (0)