I can provide more specifics via direct message. I have it under contract with the seller carrying a significant portion as a second. I am hoping to bring someone in with more experience and some relationships with private or hard money lenders.
With some marketing and site clean up, this will be printing money for someone.
Investor · Las Vegas, NV · Member since 2013 · 8k+ posts · 10k+ votes
6y
You probably need more details like, price (investment $’s), location, plans for the property, profit split. Hard to get any attention or excitement from “I have a property under contract. I need your money.”
Point taken. Still getting a feel for how much info to put out on a post being new and all. Great thing about the internet is Cunningham's Law never lets you down. I will address what you listed.
Location Sandoval IL.
Seller to carry $130,000
Purchase Price $270,000
Gross Rent $61,680
Capital Investment needed - $80,000 to individually meter the un-occupied lots eventually. This can be done on at a rate of 1 lot metered for every 10 new tenets added month by month.
Expenses (taxes maint, legal ) $12,682
Total of 59 lots. Currently 21 are occupied.
Lot rents are currently $190 and Park owned homes are between $350-400 currently.
The place went on market in July 2019, however he didn't have the water individually metered. This created a water bill between 1500-2000 a month, and killed the NOI.
The seller just had the occupied lots individually metered. Additionally, he added two more park owned mobile homes to the park.
It was previously listed at $200,000. He spent $65,000 to get the water individually metered, and then paid for two late 90's homes to add to the park.
Total Park owned mobile homes is now 11 ( with the recently added MH)
It is on city utilities. It is across from a golf course, so that offers some unique marketing opportunities.
The Plan : Refi after 18-24 months ( BRRR ) and keep the park long term.
Improve the site, clean up, minor landscaping and painting of the exterior of the park owned mobile homes.
Invest in some targeted online/social marketing to bring in tenets. Work with the Golf Course to create some lease packages with course membership/Passes.
Get in touch with Lonnie dealers through BP and MobileHomeParks.com to help bring in tenets.
I envision working with the existing and future tenets to seller finance the park owned properties, in order to move away from fixing toilets and replacing water heaters. This will reduce costs to minor park maintenance and taxes.
Update - I have financing for 100k - the seller will carry 130, however I need 40k to complete the deal. So if anyone would like to partner up, minimal barrier to entry. I could offer equity in the deal return for the investment, or just a favorable interest rate.