Found a deal - Hoping to find a partner

[Jeremy Rouse]

I have this Mobile Home park under contract, but it is my first deal and need a partner.

Location Sandoval IL.

Seller to carry $130,000

Purchase Price $270,000

Gross Rent $61,680

Capital Investment needed - $80,000 to individually meter the un-occupied lots eventually.

This can be done on at a rate of 1 lot metered for every 10 new tenets added month by month.

Expenses (taxes maint, legal ) $12,682

Total of 59 lots. Currently 21 are occupied.

Lot rents are currently $190 and Park owned homes are between $350-400 currently.

The place went on market in July 2019, however he didn't have the water individually metered.

This created a water bill between 1500-2000 a month, and killed the NOI.

The seller just had the occupied lots individually metered. Additionally, he added two more park owned

mobile homes to the park.

It was previously listed at $200,000. He spent $65,000 to get the water individually metered, and then paid for two late 90's homes to add to the park.

Total Park owned mobile homes is 11 ( with the recently added MH)

It is on city water. It is across from a golf course, so that offers some unique marketing oppurtunities.

The Plan : Refi after 18-24 months ( BRRR ) and keep the park long term.

Improve the site, clean up, minor landscaping and painting of the exterior of the park owned mobile homes.

Invest in some targeted online/social marketing to bring in tenets. Work with the Golf Course to create some lease packages with course membership/Passes.

Get in touch with Lonnie dealers through BP and MobileHomeParks.com to help bring in tenets.

I envision working with the existing tenenets to seller finance the park owned properties, in order to

move away from fixing toilets and replacing water heaters.