All Forum Posts by: Adam R.

I have used my free loopnet account in the past to view the history of changes in listing price of  a property?  Is this now a paid service?

Trying to get the price change history on the below property.

http://www.loopnet.com/Property-Record/104-Swan-La...

thanks. $2M offer rejected. 

Appreciate the analysis. I came up with $2.1M using a very similar method. Glad I'm in the ballpark. Would the expense ratio include vacancies in that formula? As far as upside the park has growth potential upwards of 60 more pads. Is there a normal factor to include for that?

I'm a novice to MHP. Looking at a park in PA.  Based on the below limited information, what is it worth?

43 lot rentals- $150K Annual (~300 per lot)

20 park owned- $150K annual

$70K expenses

Water/Sewer Resident paid

Curious to get independent perspective and understanding of analysis. 

Thanks

Already crossed that hurdle, property is on 2 lots so I'm doing 2 P&S agreements and getting financing on the non grow house and coming up with cash for the grow house, though I'm pushing for that property to be vacated.

I have under agreement a commercial property which has 8 units. I have discovered a few issues while doing my due diligence that have me leaning towards backing out of the deal. One issue is that one of the 3 buildings on the property is zoned commercial has 4 units. 3 of the units are residential but the Town only has 2 legal residential units allowed. My plan was to convert the 4th unit to residential as well. So I have added zoning board risk. The other issue is that I can't get title insurance on one of the properties as it has a marijuana cultivator on the premises. I requested a price reduction and removal of the marijuana grower tenant but the seller isn't budging. The deal is $470k for $6400 rent with potential for more in the space where the grower occupies. Curious to hear other perspectives.

I just signed a P&S on my 1st commercial property. On the P&S I requested the past 12 months of income and expenses. What should I expect from the seller as far as detail? Just a pro forma income/expense summarized sheet or more detailed transactional accounting? During the pre-P&S I received a generic pro forma, but I questioned some of the expenses on the report and want to make sure I'm doing the proper due diligence. One of the expenses was for the gas bill and indicated $3,000, but I called National Grid and they provided the average monthly expense of $106 over the past 12 months, which is great if true.

Update on this offer. Seller didn't accept either offer. I now have a P&S to sign, but having trouble with the financing. The property has 2 lots and the traditional lenders won't lend on 1 of the lots. My counter is to do 2 P&S(I.e. One for each property) and get a lender to finance one and I'll come up with the funds for the other. My 1031 question is, this gets the seller his cash all upfront, but in 2 transactions. How does that impact the seller?

Thanks @dave foster . Appreciate the timely advice as I am sending over my offer tonight. I gave him 2 options. The one above and a more traditional seller financing structured deal. Based on your info, he likely won't bite.

Thanks for the education. One more question. In your example, what if the seller only intends to use the initial proceeds(my 50% down payment) as his down payment on the next property. For instance could use the $50k as 25% down on a $200k property. Can he do that with 1031?