What would you do? Bad credit, low personal funds

[Steven Moore]

Hey investors and lenders! I have a deal in my hands of 7 mobile homes all on separate .25 acre lots and all rented out to long term tenants.

Owner says rents are about $2-300 under what they could be but with the tenants being loyal and the way they are their own small community she recommends not raising rent.

All 7 homes run off of 2 wells.

Some differed maintenance but overall nice condition trailers range from 70s-80s model

Owner says property manager/handy man lives next door and handles everything for her from maintenance to collecting and deposit rents. But noted he is getting older and having some health problems.

They bring in right under 4k month all together in rents, claims to only pay property manager about 6k yearly, taxes are about 3,500/y.

Comps I have for the same neighborhood range from 60k-145k per property and mobile.

She offered the deal at 250k and will negotiate but I need to be sure I can find funding before I waist anymore of our time.

I would love feedback on what you would do with this deal. What would be your exit strategy A,B, and C? How would you fund this if you are working with less than 20k personal funds.

Can someone maybe even recommend some lenders that can help me out?

I've also considered asking if the owner is interested in an assignable contract, I see hige value add here from the deferred maintenance that I personally can handle and coordinate to small improvements and raising rents slightly.

Another exit would possibly add 5 more wells and sell individually after renovations..

Sorry for the long post but I'm hungry to get started and feel like this can be helpful

Central Florida

[Chris Seveney]

@Steven Moore

I agree with the other poster

If you are low on funds and low credit - work on fixing that first as buying property and trying to manage even with an k site manager is another risk that you need to have funds for repairs etc.