Mobile Home Investing Opportunity (West Tawakoni, TX)
Hey BP,
I'm looking to open up my mobile home park to an investor or two. I have empty lots that I'm looking to fill and not really wanting to put out the capital right now.
All rules would apply to anyone that you would want to rent out a mobile home that you brought into the park. I have a great advertising program for the park and its right off the main road (State Hwy 276) which gets about 7000 cars a day that pass by.
I would do the background checks on all of the applicants.
Will to work out a deal on lot rent for you. As it stand lot rent is 300 a month.
The home must be 5 years or newer for this park. I know that may sound like a drawl back but really that means that I or anyone else wont be bring in a 1972 mobile and make yours home worth / rent for less.
The rents in the area are going for 900 easy. We are about to bring in 6 brand new mobile homes and shooting to rent them for 1000 a month.
I do have a relationship with two different mobile home manufactures where you can put down 15% and pay moving/set up and then you are on payments for ten years. Its a pretty healthy cash flow and after ten years the cash flow jumps up a lot.
If that wont suit you, you could possible get a "second home" as low as 5% down on a new home and put it in the park and rent it out. Could be on an up to 23 year amortization schedule. Low monthly payments means higher cash flow. That would be between you and the dealer. I do know a dealer and he is giving us a great price for the homes.
If this interest anybody PM so we can chat a little bit more and talk about exchanging some information.