110 spot on 15 acres 25 minutes from large city in Texas. 100 units owned by individuals. 10 units and office would be mine. 100% occupied. City services.
It is a little run down i.e. Roads need repaved, trees trimmed. Most MH are older but they seem to kept their area clean.
Owner hasn't released rent rolls yet.
What would rent need to be to make you want to be in?
I can't seem there being much room as is for a bump in rent.
I have manager already and place is 5 miles from my main residence
Need more detail regarding expenses and financing to give a meaningful answer. Have you checked out mobilehomeuniversity.com site?
he hasn't released his financials yet. I'd be financing 75%. Tenants pay utilities.
Whats the market lot rent?
@El Madera the lot rent should be $310 based on the Frank & Dave (MH university) formula. 110*310*12*0.7*10=2.864m
However, it is very generic number.
I am still trying to get the owner to release the financials. I do not think it is $300 a month. Probably closer to $200.
That will be of great relevance but in order for you to put the deal together , the market rent will be of great importance. If the market lot rent is 200 not so much then, but if you find yourself in a market where the lot rent is 400 that can change the situation.
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