Posted by Ryan (NC) on May 08, 2006 at 08:08:30:
Ouch, no flow from the get go would put you in a hole to the tune of about $5000-6000 per month right out of the gate… Unless you or a partner are able to pay cash for the land and mobiles to fill it up you’re going to have to get mighty creative to even phantom taking on this project like this!
IMHO this property is improved land at this point NOT a mobile home park, which leaves me looking at two ways to fill it up.
The first and least risky in my thinking would be to subdivide the lots and sell them Lonnie style, watched Lonnie put one like this on paper with a piece of land and the numbers looked great! If local zoning will allow it, each lot sold individually will be worth more than the whole. i.e. 56 separately deeded plots, sell or lease option half of them for around 20-25k each (maybe more in FL) with easy terms of say $500 down 12.75% for 240 months giving you payments of around 7k which would cover your debt and give you 28 free pads once the smoke clears. Or you could even sell all of them like this and let someone else do all of the work while you enjoy 7k or so per month for the next 20 years.
The other option I could see would be a owner carry back with little or nothing down and no payments for long enough to get some pads filled and prorated payments until everything?s up and running… all in all this is not likely but if the owner had good insurance prior to the hurricane it might be possible.