Mini-Mobile Home Park —> Boat/RV storage

[Natalie Allen]

Seeking some sharp brain power to ‘think out loud’ with on a deal. I’ve come across this deal & the network I have local is mostly focused on residential & small multi-family, I don’t know anyone local YET who invests in this manner. Here are the details so far: -10 pads -Built in 1950 - Exempt/Grandfathered in for several things.... still getting tot he bottom of this. -6 Rented Spots Rented for a total of $2000 -1 spot is scheduled to have a new home placed ‘soon as it’s dry enough’ $350/mo -1 spot is the owners mother, free rent, will be moving her ‘at some point’ but “if she decides to stay then she will have to figure her own deal out with the new owner” per the owner. -2 vacant spots - Septic approved for 15 pads per owner (not verified yet) -23 acre lot!!!! Mostly wooded, about 5 acres cleared, non flood zone acres about 17. -1 acre lots nearby are selling for $50k - Homes across the street are $400k+ - Lot is inbetween 2 bigger towns. Our thought are to add the 5 additional pads (My husband owns a concrete company) and build Boat/Rv Storage on the cleared acres. Estimated at least 20-30 slots.... more if we clear out some of the lumber. $125 or more each slot bringing additional income of up to $2500-$3750. Current Rent Roll: $2000 (one owned home) Potential Rent for the existing pads: $3400 Potential Rent adding 5 pads: $5150 Potential Rent adding 5 pads & 20 storage spots: $7650 Current Expenses: $900/yr taxes ( I realize this will increase if improvements are made) $75 /mo trash $95 /mo gas $120 /mo water $150 /mo estimated lawn care This doesn’t count all of the other land on the property. What would a savvy long term investor be willing to pay for this property? Owner is very form in his price but before I reveal it, I’m curious what other think. What other questions should I ask? I’ve already talked to planning & zoning & have the health department permit numbers.... waiting on a return call. I know when the dates/deadlines are for board approval for additional expansion. Any other ideas on what COULD be done on land like this? I’m sure I haven’t thought of even a fraction of it’s potential! My goal is to pitch him seller financing as he’s wanting to retire this year & is open to it. Thanks all!!