All Forum Posts by: Rich Prestridge

@Arianne L.  Thanks for the insight. My initial goal is to sell to an owner-occupant and not have this as a rental.  Looks like you agree with @Chinmay J. that it would show better if it were vacant or staged well.  I have talked to another investor in this area that had success with selling a similar unit to an investor at a reduced price with a quality tenant which may be another exit strategy.  It seems like I need to ride it out a little longer and reconsider this plan only if I find that unique tenant who can work within this special situation.  

Thanks again.

I have a townhouse for sale that I am getting a little nervous about the length of time it will take to sell.  Want to now anyone's thoughts or advice about agreeing to rent out the unit temporarily until it's sold.  Full disclosure will be given about the circumstances of the listing and tenant will agree to vacate once it sells.  I will give them the last 30 days rent free and the rent covers all the expenses and utilities.  My second exit strategy is to convert to a rental although it hasn't been listed for long and I don't want to go there yet.  Thanks for any tips or advice.

There are 38 lots in the park owned by the seller who is the park manager. The other lots are rented by individual tenants who own their mobile homes.  I don't see any vacant lots or empty units. 

The seller is not interested in maintaining the units. He has 3 other parks and only wants lots to rent.  I would be managing these 10 units which are already rented. 

What would be the advantage of traditional financing? Seems like many other discussions on BP recommend owner financing. This deal has good terms and owner financing is less complicated. 

Good advice. Thanks for the responses. 

I have an opportunity to invest in a bundle of mobile homes and it seems like a good deal but want to see if someone has an angle I haven't considered. 10 mobile homes (approx 15to 25 years old), all rented (by a company; $5500 gross monthly rent), no vacancies (for the  past several years) already set-up, mixed condition but all liveable, $200 a month lot rent, $135,000 for all 10, 10% down, owner financing, payoff in 5 years ($2025 per month), 0% interest.  Net $1475 after note and lot rent. Jumps to $3500/month at 5 years after note is paid off.  Freshly paved roads in the park (paid fir by park owner) and to the park. All other units are tenant owned. Central sewer system. He's offering to repair some outstanding issues which are minor. He put a new roof on one unit. Presently installing new appliances and cabinets in the newest unit. Seller owns the park and is responsible for everything on the ground (including lawn car and sewer system). Lot rents will not increase for the next 5 years. That's all I can think of. Thanks for any advice or input.