How do I make this deal work? - Posted by Joe

Posted by John Daniels on February 07, 2002 at 21:08:29:

Sounds like a good deal to me. You make almost $5000.00 a month and in 10 years you own a mobile home park worth over a million dollars:-)

How do I make this deal work? - Posted by Joe

Posted by Joe on February 07, 2002 at 18:23:38:

I have found a MHP for sale with owner financing. The park has 78 units,all tenant owned, with a lot rent of $225 per month. There are also three houses with a total rent of $1100 per month. The park grosses $223,800. Expenses are $88,226. It nets $135,574. The asking price is $795,000. With $200,000 down, the owner will finance for 10 years at 9%. The payments on that would be $6333 per month.
The park is in good condition. It has 24 acres of land, with plenty of room for possible expansion. The owner is out-of-state, owns several parks, and is looking to sell them all and retire.
I am looking for advice on the best way to approach this deal. What are my options. What other information should I obtain about the park? My main question is how do I creatively come up with the money for the down payment?
I appreciate any help or advice on this.

Re: How do I make this deal work? - Posted by lyal

Posted by lyal on February 08, 2002 at 08:08:19:

Read my response to Bret above.
Sounds like a great opportunity if you structure it right. Let us know how you make out.
All the best, Lyal