10 MBHs FOR SALE *Thoughts/Advise/Considerations*

[KIMARD EGLETON]

Hello everyone,

Up to this point, I've only focused my efforts on wholesaling and purchasing SFRs. However, I ran across a craigslist post of someone selling 10 mobile homes for $275,000. My question is what are some of the things I need to think about when evaluating mobile homes? Do I use the same valuation formulas to determine the appropriate value as a multifamily property (CAP RATE/NOI/ETC)? After speaking with the owner, here are some of the numbers. Let me know what you think? These MBHs are not all located together in one park, but close by. All home have been renovated in the last 2-3 years with 100% occupancy all month to month leases. Thanks for your help?

10 MBH For Sale $ 275.000

1 rent $ 625.00 Mbh year 1997 (3 bed 2 bath)

2. Rent $ 625.00 MBH year 1997 (3 bed 2 bath)

3. Rent $ 575.00 Mbh year 1997 (3 bed 2 bath)

4. Rent $ 550.00 Mbh year 1997 (3 bed 2 bath)

5. Rent $ 525.00 Mbh no Title. (3 bed 1 bath)

6. Rent $ 525.00 Mbh year 1985 (3 bed 2 bath)

7. Rent $ 500.00 Mbh year 1978 (2 bed 1 half bath}

8. Rent $ 575.00. No title doublewide (3 bed 1 bath)

9. Rent $ 650.00 Mbh year 2000 (3 bed 2 bath)

10. Rent $ 650.00 No title doublewide (3 bed 1 bath)

Monthly income $ 5800.00 Monthly x 12 Month = $ 69600.00 annually

Expense Annually $ 7073.72

• 1.Property Taxes $ 3193.72 Annually
• 2.Insurance $ 3520.00 Annually
• 3.Security Light $ 360.00 Annually