Updated about 1 year ago on . Most recent reply
My First Mobile Home Park
Investment Info:
Mobile home buy & hold investment.
Purchase price: $775,000
Cash invested: $110,000
Closed on my first 17-pad manufactured home park with seller financing—30-year note at 5% interest. Still owned by the original owner, it was a huge value-add. We installed a new road, replaced the entire well system, cleaned up the park, and brought in dumpsters. Pad rents were under market and will be raised in August. There's also a 1 bed / 1 bath SFH on-site we'll be renting out soon. Still a work in progress, but big upside ahead.
What made you interested in investing in this type of deal?
Seller financing with instant equity and cash flow.
How did you find this deal and how did you negotiate it?
I have close ties with a commercial broker that was going to buy this deal but later backed out for another deal.
How did you finance this deal?
Seller Financing
How did you add value to the deal?
New Road, New Water System, Trash Out, Remodel the SFH on site.
What was the outcome?
Long Term Cash Flow
Lessons learned? Challenges?
Everything and anything you can think of.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Erich Bubbel - Commercial Real Estate Agent/Investor