Posted by KPC on May 02, 2006 at 15:28:46:
Todd, check out copperarearealty.com. They have a small one in town for 100K and a big one outside of town that is in escrow, but you know sometimes escrow doesn’t close. I don’t know if this is too far from where you live. If you want to email me, I will tell you everything I know. That should take at least a minute.
I finally bought my 1st MH park!! - Posted by Trailermonkey
Posted by Trailermonkey on May 02, 2006 at 01:16:41:
12 acres, 25 septic tanks put in in 1997. No real ammenities, 4 homes rented at $350.00 per month (old dogs), 15 other park owned junkers. padsites situated around the perimeter of the property in a circle. All will hold at least 16x80 size, some will accomodate doublewides. Lots of room for possible expansion. Owner financing 10% down, 8% APR., 120 months. Sale price $100,000.00. I currently own enough late model 1999 or newer homes that I plan on relocating to the park to fill to 100% of current capacity. It is my desire to offer owner financing on these units. I should be at 100% occupancy within 1 year with an average income of at leat $600.00 per space.Closing at title company in 2 more days. What do you guys think about this deal? Any words of wisdom? Thanks!
Re: I finally bought my 1st MH park!! - Posted by Trailermonkey
Posted by Trailermonkey on May 02, 2006 at 17:14:11:
Thanks to all for your advice and comments. I really appreciate you sharing your knowledge with this “Newbie” park owner.I welcome any other advice.
Re: I finally bought my 1st MH park!! - Posted by Todd (AZ)
Posted by Todd (AZ) on May 02, 2006 at 10:21:13:
Congratulations!!! I’m extremely jealous of the prices I read about on this board. $100,000 gets you 1/3 of an acre of land only in a residential neighborhood here (with utilities) or an acre of undeveloped land. What you’ve described above would be MILLIONS here and I’m not even on the coast! I’m excited for you but depressed at the same time, lol. Seriously, congratulations…good luck with your turn-around. Todd (AZ)
Re: I finally bought my 1st MH park!! - Posted by Sailor
Posted by Sailor on May 02, 2006 at 10:13:09:
Congrats, kid! You are going to learn a LOT of the next year, so be sure to keep us up-to-date so we can learn, too–
Tye
Re: I finally bought my 1st MH park!! - Posted by Eddie-Mi
Posted by Eddie-Mi on May 02, 2006 at 09:52:41:
Price/terms sound very good. If you got a lot of money- get rid of the junk immediately and transport and settup the new units and be done with it. I just moved 3 newer mobile homes- it cost me 8000 to get them moved 400 hundred miles. Plan on having a rough first year with bad tenants and lower occupancy than you thought. And plan on having higher expenses. Things like electric updating, skirting, transport costs will add up. The big expense for you will be moving costs- around here that costs a fortune.
I did a similiar deal and 3 years later still trying to get full- have gone from 19 units to 25 units filled out of 30.