Seller Financing a 38 unit mobile home park
Investment Info:
Large multi-family (5+ units) buy & hold investment.
Purchase price: $900,000
Comprised of 38 units.
Currently, the occupancy rate stands at 44%, indicating room for growth and increased rental income potential. Although the property requires significant improvements, the projected final rents are estimated to reach approximately $20,000 per month.
The purchase was made through seller financing with nothing down.
What made you interested in investing in this type of deal?
Zero downpayment, seller financing with a lot of value add potential.
How did you find this deal and how did you negotiate it?
KSL, similar to Craiglist.
I met with the seller and
How did you finance this deal?
Seller Financing
How did you add value to the deal?
Renovations on vacant units and filling those vacancies.
What was the outcome?
Work in progress.
Lessons learned? Challenges?
Get work done faster.
We had 3-months without payments and I wish I would have finished all of the renovations during that time period instead of trying to figure out how to manage a new community.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Self-represented.
