Master lease option structuring Mobile Home Park
I found a mobile home park available for purchase for $895,000 I would like to offer a master lease option. How would you structure it?
The park is 100 spaces and has 14 current mobile homes on the property. All pads for existing, electrical, sewer. Everything is sad metered and Bill to the tenants. Half the electrical is in the ground and half of it is in the air.
Current rent 250 - $275
Market rent $350
Projected occupancy 90%
Current net income $34,000
Myplan: .. find investors looking to $30,000 and offer a 10 year investment at 10% for a single mobile home. Sell my mobile home to a buyer so I don't have to do any repairs.
My structuring idea: $100,000 down or $200,000 down? 3 year lease at . $3,000 with option to purchase at $900,000
What are your thoughts on down payment, monthly payment, Lease length and option price?
Please see my question on which homes to buy