A different kind of deal

[Jack Haskins]

Trying to keep this deal

I have a LLC set up for these properties if that helps

I purchased 5 lots in a trailer/vacation home park . The addresses are 114-116-118-120-122 

114   has a 250 square foot elevated shed or small bldg. on it for a hobby shop or man cave. It has electric but no plumbing and it is attached to 116 at the roof line and the electric is also joined to 116. 114 is also bundled into the lease for 116.

116   is a approximate 1100 Square foot Double wide trailer that is permanently mounted onto a concrete block foundation. 116 has a concrete driveway that is also a boat ramp that goes into the canal that leads to Sound. 116 has had many renovations done. Kitchen appliances, floors throughout etc. This property has a 3 year lease on it for 1350.00 a month.

118  is a small travel trailer. It has a Concrete driveway also. It is approx. 400 square feet and also has a stick built addition made on to it with a concrete slab floor that is the living room. New kitchen.

This has a 1 year lease for 750.00 a month

120   is a 1993 Thor fifth wheel trailer. It is on a concrete pad and is not permanently mounted. 

This will be rented for around 850.00 a month.

122   is a 36 foot trailer. Around a 1980 model. It also has a stick built addition made on to it. The addition is the living room. It has a concrete side walk covered by the roof overhang. It has a small garage behind it which also has a utility room that has a washer and dryer and a full size shower and bathroom. New Kitchen and both bathrooms and utility room has been redone. This has a 1 year lease for 800.00 a month.

The deed has all 5 lots listed on 1 deed as lots 11-15. It is not a primary or second home.

All 5 properties have their own Tax parcels, addresses, water and sewer bills and electric bills.

I borrowed 100k from a private individual. The 100k is due July 2020. I got a signature loan for 10k to come up with the purchase price of 109k.

I have, since the purchase, paid for materials and labor for renovations at a cost of about 60k.

I am trying to get a loan to get from under the private lender and repay myself back for out of pocket costs. Looking for maybe a 10 year note with a 20 year amortization. For around 175k.

      p.s.  the property will not appraise for the loan amount requested