Johnson Creek, WI · Member since 2015 · 42 posts · 11 votes
Hello, I'm looking for a recommendation on a title company in Toledo, I am in discussions on a mobile home park in the city limits and I expect that if we come to an appropriate number for purchasing the place I'll be setting things up quickly.
Yes it is a dump, but I do see potential, and no I have no intention of paying retail for it. My investigation tells me that it is $20k behind in taxes and at least on the verge of being sued by the Mobile home commission. The plan as it stands is to sanitize the park of the scrubs renting there now or bring them to jesus, fix the issues of the park commission and begin demolition or rehab of the homes there and or bring in newer homes from other parks. The park is not in a flood zone, is in the city limits, has great access to a city of 287,000 people, is advertised as 88 spaces though the park commission believes it is 92 spaces. With management in place and appropriate holdbacks for cap ex, maintenance, taxes, insurance, water, etc it has cashflow of 900/month even as a pig. Pretty much anything the seller comes back with will be denied though, lets see where they are on the pain meter. Want to get in on this?
Yes it is a dump, but I do see potential, and no I have no intention of paying retail for it. My investigation tells me that it is $20k behind in taxes and at least on the verge of being sued by the Mobile home commission. The plan as it stands is to sanitize the park of the scrubs renting there now or bring them to jesus, fix the issues of the park commission and begin demolition or rehab of the homes there and or bring in newer homes from other parks. The park is not in a flood zone, is in the city limits, has great access to a city of 287,000 people, is advertised as 88 spaces though the park commission believes it is 92 spaces. With management in place and appropriate holdbacks for cap ex, maintenance, taxes, insurance, water, etc it has cashflow of 900/month even as a pig. Pretty much anything the seller comes back with will be denied though, lets see where they are on the pain meter. Want to get in on this?