Small mobile home park, in Ohio, with 14/14 sites occupied. Numbers show the gross at over $40,000 per year with expenses of less than $10,000/year. Purchase price is $215K.
Not sure which lenders to talk to.
@John Beck your best bet is to start with local banks and credit unions who know and understand the area.
Be prepared to get told no a lot. You have a few things working against you: Being out of state, the size of the park, and the low purchase price. Nothing insurmountable, but things to be aware of. Work on your elevator pitch and start dialing!
I'd be more concerned about the park's expense ratio. 25% for a small parks seems incredibly low.
What type of utilities does the park have and who owns the homes?
Also, unless this park is really close to you...within 3 hours, you will have to pay a property manager whom lives on site for sure. I live in Ohio, please Private message me and maybe i can help you out
Park units are on public utilities and the tenants own their own mobile homes (TOH).
I live 9-10 hours from this location, so yes I'd need an onsite property manager. That is one of the things I am trying to figure out also.
I would likely visit the site monthly. I do have family 30-40 mins from this property, so it'd give me a reason to visit them more also.