Where do I start with this?

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Posted by Kara on March 03, 2004 at 18:24:57:

We are looking at a mobile home park that's for sale. Also for sale are 34 contracts for homes in the park. Most payment histories are good, a few get behind but catch up fast. So, 34 contracts, varying lengths of time - two to eight years. All are 10% interest. Total amount = interest and principal = approx. $300,000. They are asking $240,000 for the contracts. We don't know how to determine a fair value for this. Any advice is appreciated. Thanks!

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