All Forum Posts by: David Fritch

Very curious if it included a stated or at least intended purchase price? One would think this would be prerequisite to "locking up" the property. 

 Thank you Priyanshu! I may take you up on that. 

This makes sense Jay and Micheal. I will have to ask her if I can take a look at it to really know. And from there possibly have my attorney take a look at it. Thanks gentlemen. 

Thank you sir. I'm working on my LOI now.

I'm afraid I don't understand. Press who to give me a contract draft or counter? Counter to what? Should I include a price in my letter of intent? 

 Thank you. I just called a friend of mine locally who said the same thing. She can sign 10 letters of intent and walk away from them all. They are just as the name implies but she spoke as if the deal was locked up so I had to do a little research. 

There is a mobile home park I've wanted to look into for several months. I stopped by and talked with the owner today. I had done business with her years ago and she is friendly. When I asked, she said that she had signed a Letter of Intent with a large company last week and they were sending someone out Monday. 

The park seems to be sub-optimally managed. She said she hasn't sold for years because she can't find the time to organize her information (rent rolls, expenses) etc. 

I have a feeling this company is going to get a pretty low price because she does not have her act together. I would not mind paying fair market value based on NOI or even a little more because I know better management will bring much higher profits and I plan to repurpose some of the land, which is frontage on a very busy commercial strip, to commercial.

I'm resisting beating myself up for not walking in months ago. I don't find much use for wallowing in regret. All I can do is learn and move forward and act faster in the future. 

She has owned it for 40 years, managed it haphazardly and probably doesn't have a clear idea of current and potential value. She also mentioned she expenses as much off her personal expenses as she can on the park and needs to weed that out. The office itself is disarray so I can only imagine the books. 

I know a few bright CPA's and bookkeepers. One in particular who is very experienced in commercial property would be able to go in, for a fee and figure this thing out and emerge with a clear and fair picture of NOI.

But what I'm wondering is if the LOI is impenetrable? Can she entertain another offer? Does the buyer have equitable rights? What if they use her disorganization as a way to take advantage of her and obtain a clearly unfair price? What is her recourse and rights in that case?

Just looked at Wikipedia populations for Washington cities for 2005. The cumulative population of Kennewick, Pasco and Richland is 202,595 well ahead of Vancouver and just barely behind Tacoma.

I am definitely in support of this idea! One suggestion you may want to name the post after the towns rather than "Tri-Cities". Like on Craigslist, Kennewick-Pasco-Richland WA. 

 Message me your email address and I will add you to the list I send out to announce the meetings.