Updated over 12 years ago on . Most recent reply
Mobile home park with single family homes deal
I've come across a deal that I could use some help with:
2 acres +/- near active downtown area
small mobile home park with 80% of units owned by landowner
3 small single family homes on lot as well
100% occupancy
asking 995,000
gross rents 80,700
expenses (per agent) about 12k
probably managed by a PM, as they are the listing agent as well.
Owner financing avail (not sure what yet) & willing to carry contract for deed with some down (owner is an agent). Wants to do a 1031 exchange or have interest in partnership development
The most I could put into it would be 40-50k at this time. My rough numbers using the 50% rule look pretty tight but I see some potential with the property location and the single family homes existing on the property.
I don't have 25% to put down on such a large deal, but instead of getting discouraged I thought I'd ask the opinion of some BP folks. How would I structure a deal like this?