BRRRR MOBILE HOME LOTS / PADS
I have the opportunity to buy 2-$30k 1/2 acre lots that are currently renting out the spot to one mobile home each. The mobile home tenant pays $375 mo to land owner & the tenant pays for water, sewer, & electricity. All I would pay for is taxes. No renovations, no broken toilet calls, etc. my down payment is 10% & he would seller finance the rest.
VISION: to own land & hookups all over the US by finding raw land or distressed mobile home owners that may need a cash out on the land they own but can still pay 3-$400 mo to rent the land.
INCOME POTENTIAL:
300 lots X $125 cash flow each= $37,500 mo after debt servicing & taxes
UPSIDE: NO RENOVATIONS, NO REPAIRS, LOW EVICTION RATES, GREAT NOI
DOWNSIDE: IS THIS EVEN SCALABLE? Is anyone out there doing this that could put me in contact with a lender?