All Forum Posts by: Brodie Priestley

@Will Fraser @Dave Rav I was thinking I need a reduced price because the park based on actual current income has an 8% cap rate. Since it is a smaller park and expenses will be spread across less lots it would have to be a higher cape rate to take care of the expense ratio. I would like to have a 10% cap rate.

This deal came up I would have to manage it across country and it will be my first deal. I need to learn about how to manage and operate this park, also I know i will have to negotiate the price a little, but I think it is possible after talking with the seller. These are the stats. 

10 lots (8 park owned homes) 

Tenants pay all utilities except trash

Lot rent is $280 (market value is 335-350)

price is $252,000 

my questions would be what should i do to make this work. Also what should I do with the park owned homes. I believe they are 1980s and 1990s homes. May need some repairs. How can I use these in negotiations to get the price reduced?