looking for funding for fix & flip on mobile home park
So i have found a great deal that im trying to get at the moment
it is a small mobile home park
5 unit fully occupied with 1 empty MH pad and much more room for more units
Property is being sold for $200,000
Total monthly income $3,375
fixed Monthly expenses $733
NOI $31,700k
------------------------------------------------------------
My plane for this property would be to bring in 2 more mobile home units and do some landscaping
*total cost for value adds $34,000
rent each one out for 600
bringing over all monthly income to $4,575
this could be done in under 6 months and back on the market for sale for $350,000
----------------------------------------------------------------------------------------------------------
I have 34,000 cash to play with for a down payment & fees
closing cost will be around $3,500