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re: Value of rental property
Posted on 9/26/17 at 8:15 pm to baldona
Posted on 9/26/17 at 8:15 pm to baldona
Where do you see foreclosures at? People sell trailerparks at 10x net 350k. People buy parks at 60 months rent. (170k). Might be gross not net. It wouldn't make sense to sell it for less than 4 years earnings or120k. That's why it's worth more!
This post was edited on 9/26/17 at 8:20 pm
Posted on 9/27/17 at 3:07 pm to Rust Cohle
quote:
Where do you see foreclosures at? People sell trailerparks at 10x net 350k. People buy parks at 60 months rent. (170k). Might be gross not net. It wouldn't make sense to sell it for less than 4 years earnings or120k. That's why it's worth more!
Look on the MLS or any Auction site, usually all kinds of trailers.
The OP doesn't have a trailer "park", he has 3 trailers. The difference being a trailer park will usually have a cheap employee "manager" that lives for free and is paid pennies to maintain it. That's a big difference, lower expenses all around and you have an on site staff member for issues. The issue with only 3, is the distance and expense for someone to take care of an issue.
Again I have no idea what kind of shape the trailers are in, but selling 3 on almost 1 acre each I'd think he could get $40-50k+ if not more. To me, that's where the money is not selling them to an investor.
If its paid off though, I'd find someone to manage it for the OP as my first and primary option. You'd be looking at probably $500/ month or less for a real estate company to manage it for you.
This post was edited on 9/27/17 at 3:09 pm
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