Off market 56 pad under contract

[Ryan Davidson]

Hello Fellow BPers- I just went under contract on an off market 56 pad MHP, currently at 57% occupancy with infill value add. Purchase price 1,700,000 (seller stated they were given a much higher valuation) Lender also feels like we should get the appraisal back close to 2MM. I have ran all the initial numbers through the calculators and feel its cash flow is good. With cap rates compressing I feel like I have to come off my standard 10-12%. Purchase cap rate would be about a 7% with good value add opportunities. The park is serviced by city water, city sewer, paved roads and driveways. All individually metered water, electric and gas. Currently just 5 POH, 7 RTO with the remainder owner occupied.

We own a couple small apartment buildings, some single family rentals, commercial building and did 3 flips over the last 18 months.  We also manage another 23 pad mobile home park locally and we're excited to add this to our portfolio!

What is the best way to start the conversation with friends and family to offer this opportunity to invest in the down payment?  Are there any private money lenders that would have interest? 

Have a great night

-Ryan