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Buying a Manufacturing Housing Community Crossville TN

When considering the offering price of the community, how did you determine if it is a fair price? There is a simple mathematical formula that will help you, and will also enable you to determine the appropriate selling price, determined by the rate of return you would like to see on your operation.

Re/Max Real Estate Center Plus
(423) 664-6644
6016 Ringgold Rd
Chattanooga, TN
 
Re/Max Renaissance Realtors
(423) 756-5700
103 Cherokee Blvd.Ste 2A
Chattanooga, TN
 
Re/Max Elite
(615) 661-4400
109 Westpark DrSte 100
Brentwood, TN
 
Hart Properties Group, Inc.
(901) 853-5496
432 US Highway 72 West, Suite 3
Memphis, TN
 
Tri-State Realty
(901) 767-4220
2157 Madison Ave
Memphis, TN
 
Re/Max At The Lakes
(865) 986-0074
204 Rose Street
Lenoir City, TN
 
Re/Max First
(865) 981-1004
612 Crawford St
Maryville, TN
 
Steve Miller and Associates Real Estate and Auction Co.
865-773-5251 office or 865-696-4225 cell
1125 Wears Valley Road
Pigeon Forge, TN
 
Bell Properties
(901) 755-7174
8545 Cordes Circle
Memphis, TN
 
Revcom, LLC
(615) 456-1000
PO Box 591
white house, TN
 

Buying a Manufacturing Housing Community

Buying A Manufactured Housing Community? What to Look For?
Wed 11/25/09 10:07:56 pm
Chrissy Jackson Archive

If you want to buy an older community that is in need of repair, where do you start?   What do you consider?   To whom do you go to ask questions?   What questions are important?   What other resources do you have to consider?

 

        Recently, a woman wrote to ask me what she should do in considering the purchase of an older community “that is in much need of repair.”   She said the current owners were closing the community down.   Her concerns were what resources she should consult prior to entering into negotiations, and what legal ramifications there would be for the current residents.  

 

        In answering that question, let’s start from the top of the potential purchase, and look at a lot of the different areas that need your attention – and demand answers before you can decide if you even want to purchase the community.   In these times of uncertainty in the stock market, real estate may be a safer place to put your money for an investment, but it has to be a business decision, not an emotional one.   When you look at all the options, the numbers need to crunch properly in order for you to make the investment a wise decision.   Therefore, one of the biggest resources you need to investigate is the ability of the property to meet your investment demands given the financial position you are in.

 

        First, before we even get into the property valuation and general questions, let’s think about your intended returns.   What percentage of return do you want to get on your investment?   How much of the funds generated from your operation will you need to take either as a draw, salary, or return of investment in order to live?   How much of it can be left in the community or reinvested in improvements?  

 

        Obviously you know the offering price of the community.   Is it a fair price?   After you make the required initial investment, how much capital will you have remaining for future improvements or operational shortfalls?   What is the financing structure?   Is the loan large enough for a commercial mortgage?   Or, will the current owner finance it for you after you make the down payment?

 

        When considering the offering price of the community, how did you determine if it is a fair price?   There is a simple mathematical formula that will help you, and will also enable you to determine the appropriate selling price, determined by the rate of return you would like to see on your operation.

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