Posted by Alex Williams on May 04, 2008 at 13:32:49:
In Reply to: Re: Trouble in Indiana posted by Todd on May 04, 2008 at 12:30:33:
That's the basis of my business plan. But I just don't have time to wait. May rent was due on the first, and I don't have it to pay.
I did get one offer for $6,000, with a $1,700 down payment, but their application was rejected by the park. I've learned that the park managers don't like me, and have been speaking ill of me to the prospects I've sent in to apply. I think they are deliberately trying to sabotage me, including holding my applicants to a higher standard. I sent two other interested parties into their office, then never heard back from them. When I moved in they said they approved anyone who isn't a sex offender, but now, all of a sudden, they're rejecting my applicants for no apparent reason. This is due to some misunderstandings I had with the park, and is personal, not the way they do business with everyone else.
I personally think this would be a good opportunity for another investor to buy it from me at a deep discount, do a few minor repairs, and sell it at a huge profit. Once all work was completed, it could easily sell with financing for $8-9K.