Joel Owens - This is something to consider, because this mobile home park is still somewhat undeveloped, and I never even thought about it as anything else. I will have to step back and consider that.
Tom Goans - That is helpful. The guy that is selling this property did not take very much initiative in maximizing what I think this place can make. He didn't even rent out half of the park because he didn't want people living near his home on the property. So, it is very difficult for me to make a financial case for the property on the basis of rental history. I would gladly disclose everything to a developer - within my rights as the seller's agent (this is a sale that I would prefer the buyer having their own agent, or mediating with one in our office). With your history in MHPs, would you ever consider a property on the basis of potential or room for expansion, or is it primarily based on past numbers.
I appreciate the advice gentlemen.