Since you just purchased the property, in an arms-length transaction, you have a very good argument that the purchase price is the market value.

The combination of multiple income streams (motel rooms and RV spaces) and its location near outdoor recreation and a nearby urban center makes it an intriguing deal.I have experience as a broker working on RV park and mobile home park (MHP) transactions, and I’m currently working on deals in this space.

Did you get started after this post and how is the success?

Hi Randee: Due diligence is important at every stage of the transaction.

A private investor will want to see a few successful deals before taking out large sums as a debt loan.

15 year fixed mortgages are very underrated a 200bps spread is enticing as well as lower transaction costs.  

Much success!

The key to success on this property was recognizing its market-ready condition.

I work with these two:Metro Detroit Property Management - Mark HutterNHL Property management - Howard GenserThere are a tonne of companies and each one has had good and bad experiences, so no one in particular stands out.One part of the equation is that the Detroit market itself is a tough place and is not for the novice investors.Only seasoned and large volume Investors make it successful in Detroit.

Mainly because they advertise saying they have been investing over the last 15 years and been wildly successful.