Does anyone have info or buyers for a mobile home lot??

Does anyone have info or buyers for a mobile home lot??

Hello fam,
I recently got wind of a mobile home lot that the owner is trying to get rid of asap.
I normally don't mess with these sort of deals but it could potentially be a money maker.
Details...
It is in a smaller town in Kansas where affordable living is very necessary.
Apporx 68 spots with a lot of them vacant.
I have made some real low ball offers just to see where the owner is sitting.Doing the income approach I figured I could lock it up for 80% market value.
The kicker is that I talked to the owner that says he is willing to purchase 2 acres for 30k which would make for a better deal on my part.
My question to you fam is do any of you at there have experience in this category or any advise for me.
Thanks in advance.

__________________


sredman

is this the whole mobile home park for sale?

how old is the park?

public water/sewer or no?

why so many vacant lots?

does seller own any of the mobile homes?

have you looked up the property and researched it?

how much is lot rent?

monthly expenses?

asking price?

whats the plan for the 2 acres seller wants?

need more info---

__________________

Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools


Info

Property is approx. 8 acres in size with a total of 60 lots/pads.
All 60 lots/pads are ready for hookups.
We have a combination of tenants that own their trailers and only rent the
lot from us @ $165 a month and park owned trailers that we have on a "Rent to
Own" program that rent for $275 a month (which includes lot rent). Tenants pay
all their own utilities with the exception of water which we pay 50%.
Current monthly income runs between $2,200 to $2,500
Current monthly expenses run between $575 to $600
Annual Real Estate Tax $1,700
Annual Insurance $400
We have an on site manager that lives in the park he owns his trailer. We
comp him his lot rental of $165 a month for his work, which includes collecting
rent, leasing units/lots, cleaning out vacant units and some minor repairs. Any
other work he does we just pay him cash. He is very reliable, extremely diligent
and completely trustworthy. We can recommend him very highly to any out of state
buyer (we are out of state living in Las Vegas).
There is plenty of room to increase revenue by fixing up more of the park
owned trailers and bringing in more rental units. There is a big demand for
affordable housing in this area. The main employers are: Wal-Mart, The County
Hospital, all Government Offices (Goodland is the County Seat for Sherman
County), numerous hotels and motels, several restaurants and many businesses
that cater to the thriving local agriculture industry.
We are motivated sellers, our partner needs to sell right away for personal
reasons and we cannot buy him out right now. There is no owner financing on this
property.


sredman

I'm confused in your original post you said that you got wind of the deal.

Second post you talk about all that you do there like you own it WITCH IS IT.

Numbers don't make since either. $165 x 60 = $9,900. So that means you only have 13 spots rented.


I don't own it, owner sent

I don't own it, owner sent me all this info.


OK that would have help if

OK that would have help if you had put that at the top of that post. But if you look at the numbers there is a real problem with this place stay away from it in fact run away. The numbers show that it has a 95% vacancy rate.


I am assuming

its public water/sewer

what about plans for the 2acre lot?

How old is the park?

how long has seller owned it?

how far is it from the nearest store/town etc

ASKING price is...

__________________

Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools


Goodland

Goodland Kansas
Owner has owned it for about 10 years
The man who plans to purchase the 2 acres will just use it as space for farm equipment, etc.
Every lot is already hooked up for water, don't know sewer or public.
I can get it under contract for 140k. Plus the additional 30k coming from the individual wanting to purchase 2 acres ASAP.


how old

is the park?

__________________

Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools


Are you in the Success Academy?

Mentor Dawn is an expert in this area...

__________________

Blessings & Favor,
Gena.
Follow my Blog: www.genahoriatis.com

I can do all things through Christ who strengthens me. Phil 4:13

Psalm 1:1-3


Learn great things!

To SREDMAN; Listen to the last conf. call w/Matt Larson. Mike and James are doing what all investors do. They want everything at once in on snap shot. Great job following up on Mike's questions. This post is a great reminder on how much info you need before you even speak w/an investor! Thanks to all three of you for reminding me to do the same.
SREDMAN, let us know how this situation turns out!! Best of luck!

__________________

Earl in MI
DG
2%ER
RBBP
Lifetime Member