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I need help estimating property value on real estate.
Posted on 11/5/21 at 9:41 am
Posted on 11/5/21 at 9:41 am
I own a small (18 slot) mobile home park, and am considering selling it. Does the selling price have a direct relationship to revenues, and if it does, what is the ratio? I don't want to spend money on an appraiser yet. I have an interested buyer, but they have not made offer and I don't want to through out an "uninformed" and unrealistic price.
The land is about 7 acres with a unimproved value of approximately $70,000.
The land is about 7 acres with a unimproved value of approximately $70,000.
9
Posted on 11/5/21 at 9:46 am to tiger7166
There are websites where you can see what other MH park owners are asking. Think it's Loopnet but I'm not 100% sure.
That will at least give you an idea if you're being lowballed.
That will at least give you an idea if you're being lowballed.
Posted on 11/5/21 at 9:48 am to Bestbank Tiger
Thanks, I have looked but found nothing. I will try loopnet
Posted on 11/5/21 at 9:56 am to tiger7166
I would look at the Bigger Pockets website. I know it had some information regarding the valuations of mobile home parks.
That being said, I am in Missouri and by far the land is the biggest value. I did some work with mobile home parks in the Branson area and the land was the biggest asset and know a few that sold for large $ due to their location.
That being said, I am in Missouri and by far the land is the biggest value. I did some work with mobile home parks in the Branson area and the land was the biggest asset and know a few that sold for large $ due to their location.
Posted on 11/5/21 at 1:14 pm to tiger7166
It has been awhile since I've been in this particular space but I seem to remember a factor of revenue and x amount per pad.
Posted on 11/5/21 at 1:26 pm to SalE
That’s the “formula “ I am hoping to find
Posted on 11/5/21 at 2:06 pm to tiger7166
A simple exercise is divide your yearly net operating income by ~8%.
Edit:
If the highest and best use is something other than MH, then throw a for sale sign up and let the market tell you.
Edit:
If the highest and best use is something other than MH, then throw a for sale sign up and let the market tell you.
This post was edited on 11/5/21 at 2:12 pm
Posted on 11/5/21 at 10:31 pm to tiger7166
Depending on age (grandfathered) and if coastal, I know someone who that was developing an older park where any new replacement dwellings had to be raised to meet minimum tidal surges. This was based on an older large 1950s Florida trailer park and may not pertain to your location or local regulations.
If none of that matters to a perspective buyer, I'd go with an appraiser you trust.
If none of that matters to a perspective buyer, I'd go with an appraiser you trust.
Posted on 11/7/21 at 11:25 am to tiger7166
If the potential buyer sought you out then its a near guarantee they are not offering you full value.
To you this is a MH park, to another this may be much more valuable for another use.
Contact a few commercial brokers and tell them you may be interested in selling. Brokers will usually give you alot of market information about your property during the pitch to get you to let them represent you. Its free information until you sign a contract with them.
To you this is a MH park, to another this may be much more valuable for another use.
Contact a few commercial brokers and tell them you may be interested in selling. Brokers will usually give you alot of market information about your property during the pitch to get you to let them represent you. Its free information until you sign a contract with them.
Posted on 11/7/21 at 3:59 pm to tiger7166
Where is the property located?
Posted on 11/7/21 at 6:05 pm to tiger7166
I’ll buy it.
But seriously. Email me
Team at lusbymarketing dot com
I’ll respond from my personal email when I see it. Can connect over the phone tomorrow.
But seriously. Email me
Team at lusbymarketing dot com
I’ll respond from my personal email when I see it. Can connect over the phone tomorrow.
This post was edited on 11/7/21 at 6:07 pm
Posted on 11/7/21 at 8:41 pm to tiger7166
Couple of factors that I look for when buying a MHP.. Is it on city sewer and city water or a lagoon? Is it in city limits? Are they park owned homes or are they tenant owned?
These are a couple factors that go into price, what are rents going for? What is the lot rent going for?
I would be interested in buying it as well. Cash, no appraisal quick close.
These are a couple factors that go into price, what are rents going for? What is the lot rent going for?
I would be interested in buying it as well. Cash, no appraisal quick close.
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