Help running numbers & finding financing for MHP
First of all- how much is this park worth to you?
11 mobile home pads plus one SFH.
10 pads are occupied, plus the house currently generating $4850/m in lot rent & house rent. (average of $400/m)
$7000 annual expenses roughly- insurance, septic Mgmt, lawn care, etc. Tenants pay utilities.
Seller may be willing to finance with a large downpayment. Asking $499k but hoping we can get that down.
How would you suggest structuring a seller financed deal? I could partner with someone and probably put close to $100k down but need to factor in $10k for first year expenses into that as well. My DTI is tapped out, so it's creative or bust.
Thank you!