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!