How to comp an unusual property
How would one go about establishing the value of an abnormal property? Being new to this scene im not sure how anyone would go about coming up with the value of it. Last year I purchased this 1 acre with a 2000 sqft brick house and 6 mobile homes for $150k (owner financed after I put $30k down). It was very run down and only 3 trailers rented. I put $150k into it with repairs from personal funds as well as through 0% credit cards. Im going through the process to refi now and was just going to get the loan to pay off the seller ($105k) and $50k worth of materials financed. This of course leaves $100k of personal money tied up in it. Reading more on BP it looks like I should try to cash out my personal funds so when the next comes along I can have it on hand to buy and repeat. As of today the property is pulling in $4750 a month and will be closer to $6000 after I finish the reno on the last unrented unit. Problem is finding anything close to be able to comp it with. Most of the mobile home parks that have 6-7 units are beat up and run down. 3 of mine are newer with all new appliances, hvac, floors, walls, roof, ect. The house was gutted and remodeled with granite, tile, wood, ss appliances, ect. Anyone have any ideas to break this down so the bank does not compare it with some run down park and say the value is not there or its too risky?
