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Mobile Home Park Investing

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Ben Davies
  • Coweta, OK
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90 lot park in Littleton CO Needs financing

Ben Davies
  • Coweta, OK
Posted Apr 9 2024, 10:33

There is a 90 lot park in Littleton Colorado that needs financing. We are hoping you can help.

Seller is closing Mid June unless the newly formed Co Op can find financing to buy the property themselves.


We hope you can help or point in a good direction.


Senior park. 55 and over. In Littleton Colorado 80120. ~90 lots. ~100% occupancy. Selling for $20MM. We are pursuing grants / subsidy including from Littleton City Council and others, along with financing to purchase the property by the residences via the Co-Op.

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Will Stewart
  • Investor
  • MA
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Will Stewart
  • Investor
  • MA
Replied Apr 10 2024, 04:01

Get in touch with Paul Bradley at ROC USA, this is what they do. 

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Replied Apr 10 2024, 05:32

ROC USA is your option but that is a big number and you may be running out of time at this point.  Were you given the appropriate amount of time of notice?  Assuming Colorado has that stipulated.

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Ben Davies
  • Coweta, OK
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Ben Davies
  • Coweta, OK
Replied Apr 10 2024, 07:57

Conversations with Mr. Paul Bradley at ROC USA have started.

Thank you @Will Stewart and @Roger D Jones specifically and BiggerPockets generically for a quick authoritative response.

My mom is one of the residence and she told me about the 'problem' but none of the history, so I don't know the details around notice and such.

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Will Stewart
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Will Stewart
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Replied Apr 10 2024, 11:44

Glad to hear it Ben. Hope to see a press release from ROC in the next month or two on this! 

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Bill B.#3 1031 Exchanges Contributor
  • Investor
  • Las Vegas, NV
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Bill B.#3 1031 Exchanges Contributor
  • Investor
  • Las Vegas, NV
Replied Apr 10 2024, 12:08

Are the residents aware of what their payment will be? I get $1,460 per lot at $220k each (20M /90 lots). BEFORE taxes and insurance, probably common utilities and maybe an employee or two? (7% @ 30 years). They could be looking at $1800+/mo if they all live to 90+ y/o 30 make 30 years of payments. 

If they’re already paying $1,500+ it could be a great deal. If they’re paying $800/mo it could be a shocker or even unaffordable. 

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Mike Reynolds
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  • construction
  • Nacogdoches, TX
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Mike Reynolds
Pro Member
  • construction
  • Nacogdoches, TX
Replied Apr 22 2024, 08:49
Quote from @Bill B.:

Are the residents aware of what their payment will be? I get $1,460 per lot at $220k each (20M /90 lots). BEFORE taxes and insurance, probably common utilities and maybe an employee or two? (7% @ 30 years). They could be looking at $1800+/mo if they all live to 90+ y/o 30 make 30 years of payments. 

If they’re already paying $1,500+ it could be a great deal. If they’re paying $800/mo it could be a shocker or even unaffordable. 


 That just seems like a bankers nightmare to me. What if just 5% didn’t pay on time per month? How long before foreclosure?

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Ben Davies
  • Coweta, OK
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Ben Davies
  • Coweta, OK
Replied May 11 2024, 14:18
Quote from @Mike Reynolds:
Quote from @Bill B.:

Are the residents aware of what their payment will be? I get $1,460 per lot at $220k each (20M /90 lots). BEFORE taxes and insurance, probably common utilities and maybe an employee or two? (7% @ 30 years). They could be looking at $1800+/mo if they all live to 90+ y/o 30 make 30 years of payments. 

If they’re already paying $1,500+ it could be a great deal. If they’re paying $800/mo it could be a shocker or even unaffordable. 


 That just seems like a bankers nightmare to me. What if just 5% didn’t pay on time per month? How long before foreclosure?

Any new owner / investor would need to make these rate changes - compelling the current residence to  move elsewhere (somewhere more affordable).
And this is why the residence are looking to make a Co-Opp. At lease with a Co-Opp there are programs for local, state, federal, grants (several are being pursued). Which would effectively reduce finance cost.
And allows for other options such as offered by ROCusa.org (Resident Owned Communities).
https://rocusa.org/whats-a-roc/what-is-a-roc-how-is-it-diffe...

Together these options allow the residence to keep their costs within their own control, and continue to live where they are.  IF they can self manage successfully (which is a big ask), then this is an excellent option.  Well their only option really.

Anyway, this is the direction they are heading, and for the moment finding some success.

Thank you to BiggerPockets.com, ROCusa.org and the people that are making this possible.  And those that have contributed to the conversation. @Will Stewart, @Roger D Jones, @Bill B., @Mike Reynolds