Need a partner for great cashflowing mobile home park
Hello BP Community,
I am looking into this mobile home park and need someone who is interested in helping fund the deal or being partners. I have a pretty steady and great cashflowing portfolio now and just looking to expand into something bigger. Any experience in mobile home parks would also be a plus. If anyone is interested please let me know and I can share income/expense breakdown.
66 mobile home lot at 4.62m , $58,515 gross per month, $702,180 gross per year
High level Info -
- 66 Lots
- 65 mobile homes (38 double/28 single)
- 1 vacant lot
- 45 of 65 mobile homes owned by seller ; rented to tenant
- 19 of 65 mobile homes sold on owner financing
- PM / 30k per year ; live for free in one unit
- Owner Financing of the 19 Units in the park
- 90% on 8-10 yr term
- 10-14% interest rate
- Doubles have balance of 40K-50K
- Singles have balances in upper 20K
- Random well/septic expense
Total Package Owner Financing Terms (Negotiable)
25% Down-payment
6% Interest Rate
2 Year I/O Payments
30 Yr AM
5 Yr Balloon
Thanks everyone for their time,
Josh