Unloading $$$ Park Owned Homes

[Logan M.]

After a recent fire that destroyed one of my park-owned homes, I am determined to sell them all.

I bought this community for $694,000 with 8 park-owned homes and two single-family homes. My plan is going to be to sell the homes ranging from $40k-$60k, which will allow me to pull out about $400,000. That means I got the park minus the home sales for $294,000 with two single-family homes. Each single-family home is worth about $125,000 since they are not on separate parcels. (I may try to subdivide them from the park)

All of the numbers come down to me getting the park portion at basically no cost. Getting creative with the hard assets opens up endless opportunities and can bring your cash-on-cash return to triple-digit returns.

The attached picture is of a 1971 mobile home. In our market, I believe I could sell it for $45,000.