MHP purchase - Posted by Rob (IA)

Posted by Rob (IA) on April 14, 2006 at 17:57:58:

Ames area.

MHP purchase - Posted by Rob (IA)

Posted by Rob (IA) on April 14, 2006 at 11:00:24:

Well all, i thought i would drop a line and let you know that i am buying a MHP to invest in. The park: 40 lots, 32 MHs, 23 rented, house on property that i will convert to a community center, 60 lot max on current land. No money on return for 12 months, but $150,000 after that. $150,000 purchase price. I plan on phasing out the “rent” and replacing it with owning the units. i’ll be looking for a total of $550 a month off of the current MH’s and lots. PM already on site and seems to be doing a good job, however i do want more activity on getting the remaining 9 homes occupied. giving a total of $17,600 a month or $211,200 a year gross income. Now granted the revenue from this investment will go for repairs and returning the investment money, after that happens i will be focusing on prevenative maintenance and finishing the the park development. I’m looking at a total potential revenue of $396,000 a year. If I can net $50,000 a year off of this investment long term I will be happy.

Re: MHP purchase - Posted by Berno

Posted by Berno on April 14, 2006 at 13:14:20:

Thats great Rob! Is your park locate in Iowa? If so, what part? I operate in the CR-IC area myself.