5 lot park, what do you think?

[Nick Gann]

Looking at a deal for a 5 lot park with long terms renters. All homes owned by the old man who owns park (park owned). All 5 stay rented except one recent turnover. 30 minutes from a good sized metro. City water, septic, water is not sub metered and he currently pays averagong 140$ a month. Trailers and lot rent for 500$ month. Mortgage would be around $900 a month.

30k buys owner out and another 15k down on loan allows me to assume loan. No seller financing as bank currently has note on it. Total price just over 100k.

Being that banks own homes as included in collateral my thoughts are to see what cost toward loan would release them as collateral so I can simply give the homes to the renters and collect lot rents of around 350$ this would free me from maintenance responsibilities of the park.

Either way though, any thoughts on better ways to finance it out? Thoughts on taking the deal or not? Questions you might have if you were looking at the deal.