- Defuniak Springs, FL
- Votes |
Good Afternoon Bigger Pockets,
We've have been alerted to a possible sale of a trailer park in our area and we are interested in buying it. The current owners are distant family members and when the current owner passed away the wife has been taking care of it and seems to be growing old with the task. None of the children seem to want anything to do with it. A Grandchild of the family sees my brother and i from time to time and told us there is a possibly of them selling it. The thing is up until now weve only bought single family houses with cash and have one loan on an industrial piece of property. All were pretty easy to come up with an idea on whether or not they would work as investments. Not so much with a trailer park it seems. We would like to get a head start on trying to put a value on it that way if they do come to us we can have a tad bit of the leg work done and able to move fast if the opportunity presents itself.
Really the only thing we know right now is the park has 16 trailers in it. All the trailers are owner by the family and not by the tenants. Its on 4 lots totaling 8 acres. In conversation we were told gross rent was at or above 100k a year. But the going rate for 2 bed here is $800 and closer to $1000 for 3 beds. So rent increase could be made.
What are some options to finance a property like this. The biggest issue we seem to find is how to get something financed so we end up pay cash for everything which isn't allowing us to grow as fast as we like. We all have great income and great credit scores.