All Forum Posts by: Micah Pediford

It looks too good to be true and there are most likely other reasons why that I wasn't able to see. It may have worked well for someone for a period of time but I'm not taking that risk.

I'll take that into consideration man thank you.

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Originally posted by @Anthony Dooley:

@Micah Pediford just based on the numbers, I would buy it if it were in my market area. The ones I've seen near me are either complete junk and need tons of work to improve, or they are multi-million dollar deals that I can't swing at the moment.

This one is for sure not junk. She in fact just bought new homes to fill some vacancies. When she took over it went from 2014 lost money. 2015 net 6K. 2016 net 41K. 2017 net 50K. Whether the population is going down or not I don't know but the profits are going up which is a sign of health no matter how you look at it.

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Originally posted by @Danny Randazzo:

Micah Pediford I would also confirm the zoning allows you to bring back MHP for the RV spaces. For your business plan are you buying new homes for the converted spaces because that will change your investment and return? Is there demand in the market for MH or is the current owner grossing $50k because the RVs have more revenue? It seems like an opportunity worth pursuing to get more due diligence completed. Good luck.

The owner just recently bought two new homes and about to put them in the park. That means only 4 vacant spots left. So that will change the financials some. Owner said seasonal RVs are bringing in a large portion of the revenue right now. Since its are lady profitable I believe its just a matter of maybe raising rent, adding homes, cutting costs, etc. and it'll be even MORE profitable.

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I have a MHP thats 45 spaces and can be up to 52 when expanded. 11 acres. RVs are 25 that come and go. 20 are mobile homes with 6 vacant. Can convert all the RVs back to smaller Mobile Home lots if wanted. Theres a 4 bed 2 bath home with 3 car garage thats remodeled in which the manager lives in in exchange for free rent. City utilities. Adjacent pool, slides, park and sports complex. Financials I've gotten from the owner suggest an 10-14% CAP rate. (tax returns say owner made 50K after all expenses in 2017) 325K asking. Came down to 300K. Haven't really negotiated hard yet though. 204K is owed on property and they're looking to cash out and retire pretty quick. Thoughts?

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All Forum Posts by: Micah Pediford

Micah Pediford has started 1 posts and replied 4 times.

Post: IS THIS MHP A GOOD BUY OR NOT?

Post: IS THIS MHP A GOOD BUY OR NOT?

Post: IS THIS MHP A GOOD BUY OR NOT?

Post: IS THIS MHP A GOOD BUY OR NOT?