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Updated over 2 years ago,

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Buying Mobile Home Park Using Master Lease

Posted

Looking at Purchasing a Mobile Home Park using master lease with Option to purchase at the end.

Currently 9 spots for mobile homes. 

2 are owned by the park (1 occupied no rent collected, 1 vacant needs work)

6 are tenant owned. 

Current avg. rent lot is $175.00 (Owner hasnt increased rent in years) 

Avg. current market rent is $300-400.

Asking price is $400,000.00 which I think is too high. 

Avg market rent for POH is $800-$1000

I am trying to figure out a fair market value using a master lease take over with a purchase agreement in 3 years. Or purchase offer right now. I am coming up so far away from his asking price. Can anyone help me, i can provide more details if needed. 

Thank you.

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