looking for funding for fix & flip on mobile home park

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looking for funding for fix & flip on mobile home park

Rental Property Investor · Gilmer tx · Member since 2018 · 87 posts · 21 votes

So i have found a great deal that im trying to get at the moment 

it is a small mobile home park 

5 unit fully occupied with 1 empty MH pad  and much more room for more units 

Property is being sold for $200,000 

Total monthly income $3,375 

fixed Monthly expenses $733

NOI $31,700k

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My plane for this property would be to bring in 2 more mobile home units and do some landscaping

*total cost for value adds $34,000

rent each one out for 600 

bringing over all monthly income to $4,575 

this could be done in under 6 months and back on the market for sale for $350,000

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I have 34,000 cash to play with for a down payment & fees 

closing cost will be around $3,500

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  • Reginald TrussPro Member
    Lender · Toledo, OH · Member since 2015 · 1k+ posts · 96 votes
    5y

    Mr. Ottaberry, we would be happy to help you with this, but first I would need an email address. Hope to hear from you.

    Reggie Truss

  • Rental Property Investor · Gilmer tx · Member since 2018 · 87 posts · 21 votes
    5y
    Originally posted by @Reginald Truss:

    Mr. Ottaberry, we would be happy to help you with this, but first I would need an email address. Hope to hear from you.

    Reggie Truss

     [email protected]

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