Updated over 6 years ago on . Most recent reply
Starting out with a small mobile home park
I am in the beginning stages of investing. I have been looking at single family, however came across what appears to be a good deal on a very small 4 unit Mobile Home Park. It's located in the country, fairly rural, but close to popular vacation areas. Two of the four homes have been rented by the same tenants for 4 years and the other two for 1 year. All four would like to stay, currently they're on a month-to-month lease. Annual gross is stated to be $25k and Net $23k. Tenants pay for their own County water sewer and Electric. Operating expenses consist of landscaping repairs and taxes. I have hit a bit of a roadblock because it is been operated as a cash business and there are no books. The owner is not in good health and has no desire to owner finance. Residential Lending is problematic because one of the homes is pre 1976. I thought I would throw this out there to see if anyone had any suggestions on potential financing options.
Thanks in advance, I've been lurking here a bit trying to soak up what I can.