New 30 Pad Manufactured Home Community
We recently purchased a 30 pad community in Southern Indiana. We've since started to clean it out and will begin infilling new homes this summer. We purchased this property for $250,000 and it sits on a little over 3 acres with city water/sewer. All utilities will be sub-metered, we estimate each pads "turn-key"cost will be around $65,000 . POH will be between $850-$1000, TOH homes will be set between $350-$400. We have 10 homes to remove/demo, and 26-30 pads to fill with new homes. We have our own property management company and mowing service maintaining the community. I'm excited to see this park progress over our 1-2 year infill.
That's great! Where did you source the deal?
#2 Managing Your Property Contributor
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#2 Managing Your Property Contributor
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Yes, how?
@Taylor L. @Drew Sygit This was an off-market deal brought to me by a broker. It had been built and owned by the same family since the 1950's. After a brief phone introduction, we went to the homeowners house and chatted with them for a few hours, after figuring out what it was they wanted I made them a proposal and it stuck. Once I had the Community under contract, the next day I went to a couple of investors I thought would be interested and it was fully funded after one meeting.
#2 Managing Your Property Contributor
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#2 Managing Your Property Contributor
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Networking is the best deal maker!