Should I buy this mobile home park?
I currently have a very motivated seller of a mobile home park. It's 11 homes in Illinois, the homes are owned by the park , pay all utilities and is Cash flowing for the past 3 years 50 thousand to 60000 dollars every year. Would you buy it?
I know there's many factors but it's looking like I could get a 12% cap rate. If I give him a lower offer , cuz I told him I'm going to pass and he said will you offer anything?
He's asking 525k .
I've been told to stay away from Park on homes , but his handy man does all the work for him.
He also has some other real estate that he wants to get rid of and I'm thinking of telling him I can sell his house on owner financing flip the note to my note buyer and then use that as my down payment along with owner financing . No money out of pocket deal.
The site is open for another 20 plus sites , but takes capital for that Improvement .