Posted by Tony Colella on August 02, 2009 at 11:58:01:
In Reply to: Re: potential deal - any advice? posted by Robbie M on August 02, 2009 at 11:50:20:
I too would be frightened of 8 homes on 1 1/2 acres with septics. If you are to pursue this deal, I like the line of thought of combining the lease/option to max the cash flow as is and then having a purchase price that reflects the truly allowable number of units (2 or 3 as you wrote).
Greg Meade has done the lease/option of parks most recently and to great success. He would be the man I would seek out if I were going to do this deal.
If I recall correctly he had included the lease/option he used in his deals by adding it in a post some time ago. I am not certain how to find it here exactly but an archive search may or may not locate it. Try emailing or posting a question directly to him as he does stop by.
Let us know how it turns out.
Tony