Small Mobile Home Park
Hi,
I've invested a couple times for appreciation but now I'm wanting cash flow. This is new for me so any advice would be great. This is a very small mobile home park (4 homes and a building). The purchase price is $159K and the rents from the homes are $1750. The building would rent for $550 but is currently vacant (conservative). Taxes and insurance should be about $1830 annually and a PM will be about 10% (hopefully less!). The owner will finance for $50K down with the balance at 5% over 10 years.
The park is across the country...I live in the SW and the park is in the SE. If I can do without PM I will but I'm factoring that price into the equation. I don't like purchasing across the country but I need to get out of our expensive state (California). Anybody have a small park far from your home?
What do you guys think? Thanks so much for any advice!!!