what you guys think this would be worth?

ok, theres an old man in my town that has a small car lot with 20-25 cars (most under $3000, some up to $5000), 6 mobile homes (older ones, i estimate value at about $7500-$10000 a piece), and about 2.5 acres of land, and a small 2 bay shop.....

i have heard he is trying to get rid of all of it because he is in poor health, and i am considering trying to buy it....i figure about $40000 value on the cars, $50000 on the mobile homes, $15000 on the shop, $10000 on the land (it floods badly when we get a good rain).....

thats $115,000....but i dont know what he would think the place would be worth to him....he has owned it for several years.....

i like it because it is close to home (literally a 30 second walk), has a shop, and the location has potential for a small custom shop....

i was thinking i could sale all of the cars and mobile homes (except one, my girl and her family live in it) and use the money from them for payments.....dont just pay all the money at once though, say i sold a $3000 car, pay $1000 extra and put $2000 back for future extra payments....that way it gets paid off a lot sooner (about 25 years sooner actually)....

anyways, what do you think would be an appropriate offer for the place?

something i just thought of....he doesn't HAVE what he is asking for the cars in them, so maybe i could buy all of them for at, or near, what he has in them.....that would take alarge chunk out of the price

Have it appraised by a bank. Thats the best way for you to determine value of something like that. Its hard to just look at something and say its worth this much.

Also make sure you check to see what the property is zoned as. It could cost you a lot out of pocket if its not zoned properly and not zoned for what its being used for. It sounds like there is a business and residence on the property. The city or county might charge a lot of taxes on a property like that. It didnt sound like you thought about the property taxes. When I bought my house my taxes were roughly 1800 a year. I started running my own business out of my house and my taxes went up to 3200 a year. I quickly dropped that plan and went with another.

thats true, i never thought of the taxes....there would only be one residence on the property after i bought it, all of the other mobile homes would be sold.....cant sale the one my girl lives in because its on a permanent foundation with concrete poured around the frame....wierd, i know...

i wonder how i would find out what the taxes on it would be?

County office should be able to tell you. Just tell them your interested in the property and want to know what the taxes are on it. Taxes will go up yearly as the property appreciates. Also ask what it is zoned.

hey dougy i say go for it but somewherre you made a mistake because the numbers your typed came out to $34,000 not
$115,000 just wanted to let you know anyway, why not keep an extra mobile home soo i can move down there? and your right hes only got a few hundred bucks into thoose cars he cant charge you full price for them just what he paid and if hes in poor health he might let everything go cheaper then its worth just soo its gone u know? anyway keep us updated

no DJ, you messed up your math, you gotta figure the value of al the cars and all the mobile homes.....

ok, i forgot about the 2 houses also sitting on the property, and i was talking to DJ on MSN and he made me think about something else.....

i could keep the mobiles for a could years....at $300 a month rent, thats over $20k a year...

i could move in the house closest to the shop, and sale the other one for about $50k.....

thats 70k to pay on the loan, plus i would still own the mobiles an could either keep them for another year or 2 and make 20-40k more to pay on the loan, or sale them at the end of one year and have 35-50k more to pay on the loan....

thats not even getting into the car portion.....i could make $50k from saleing the cars.....thats 155k off the loan in a year if i sold the mobiles at the end of one year....

if i could buy EVERYTHING on the property for 250k, i could be under 100k owed in a year.....

anyone following me here?