All Forum Posts by: Account Closed

I would only value a park based upon currently occupied lots that are producing income. It is getting too difficult to bring in trailers and they are getting expensive. Just view the extra lots as an unexpected bonus. How old are the existing trailers and what are their condition? If most are older than 35 years old and in fair to poor condition, they will not produce lot rental income for very long. When they become obsolete or needing costly repairs, the owners just walk off and leave them. Then you have another one to dispose of.

That sure sounds like expensive money! What we're the terms and holding period?

I have sold many homes over they years selling them on my own as well as using listing agents. There are some excellent agents out there that are very professional and very driven. They know how to get it done and earn every penny. Unfortunately, there are also some bored, mommies and empty nesters out there that took the classes and passed the test. Despite this "education" they are clueless. I have also encountered full time agents of over 20 years that are lazy and clueless. Of course all professions have these low performers. What amuses me is that the realtor industry attempts to convince the public that selling a home is a monumental task that they are the only ones qualified to accomplish. News flash: bankers and attorneys are the ones that make it happen. In the example the op gave, 13k would buy possibly 65 hours of an attorney's time. It would be hard for me to believe that a realtor was better equipped to handle a transaction than an attorney unless they were also an attorney. I also hesitate to say that an agent actually spends 65 hours handling a transaction. That's 8 days working a full 8 hour day. As to pricing a property for sale, why not just spend  a few hundred bucks and get the real pro in. Call the appraiser. Technology has turned many industries upside down And a lot of people are running scared because their cheese has moved. Realtors have their place and value but don't fell like you have to do what your grandpa did.

Getting married.

Stick built homes depreciate just like mobile homes. Depreciation in mobile homes is usually more pronounced because of lack of maintenance and functionally obsolete floor plans. A well maintained mobile home with a good floor plan will maintain its value. Moving a mobile home really isn't advised because of the cost in relation to the actual value of the home. The cost of moving even a well maintained home can be half the value of the home.

I think black shutters and a red front door would look great. I like a white garage door but your guttering is beige as well as the soffit so I am not too sure about that.

@Jeff Filali How are you complying withe the Dodd Frank law? Do you use a licensed mortgage originator?

I love it when they run 50k over budget and then when they go to list the house the market is magically stronger than it was two months ago so they list it for 50 k more than their original plan and then there is a bidding war that runs it up another 25k. 

One way is the rental approach. Whatever your market rent is can be multiplied by a fixed number of month. Example: you find in your area that a duplex will sell for 100 times rent. 1200 (600x2) x100= $120000. Another method is the cost approach. This isn't often used but you take the land value and the cost to build the duplex new. You then depreciate the existing duplex based upon age and condition. The cost approach is tricky and requires an experienced appraiser.

go to the building permit office and see if there have been any permits pulled for elec, plumbing or roofing. In recent years, the date of manufacture is stamped on most wiring or pipes.