Mobile Home Park Renovation
I have come across a 117 site mobile home park that is in need of renovation. It is now rented at a 30% capacity. The site has great potential and would be a great investment once the park is updated. Preliminary estimates on Renovation are about 200,000 which I have and am willing to put into the park. The park is on 9.3 acres and has been in threat of being shut down, unless renovations are made. I am looking for an investor to put up the needed 600,000 to buy the park. I will get the park in compliance and rented, then we together will resell the park for about 1.8, which is still a conservative resale considering the rent is 450 per lot and has a great cap rate. Any interest, please get back to me.
Ken