28 lot Mobile Home Park - Good deal?
Hey guys,
I am talking to a mom and pop owner of a 27 lot + a 3 bedroom house. Here are the details:
17 lot rent only at $175
4 financed properties by current owner - $175 lot rent plus remaining balances of $26600. Paying
6 rentals at $2215. He said two of the renters are only paying $175 (basically lot rent only) because he doesn't have the title to the trailers. How can I get title? Or better yet, what question do I need to be asking about this because it seems to beg for questions.
The 3 bed house rents for $600.
He said the owners and tenants all take care of their own lawns. There is a paved driveway throughout the park that looks to be in good shape. It has a well and septic. He said the well costs $100 per month (I don't know anything about wells, please help ha) and septic is pumped as needed and he thought maybe that was once per year but wasn't sure since his son is running the property.
Ask price is $475k and he said they have offers already but he would take mine first since he didn't think the other one could close and I am willing to work with him directly (1st offer he was worried about their financing, 2nd offer has a broker, and then there is me).
Any thoughts/feedback on the deal?
The private utilities have me concerned since I've never bought a MHP.
Thanks!
Melissa