Investment Property Information

[Kenneth Willis]

Hello, Although I have heard of this site before, I am just now getting my feet wet on the platform. I found a MHP that I am interested in possibly buying and came here to see what information I could find to help me determine if their asking price is reasonable and how to determine its value myself. 

[John Mason]

Dealcheck free version

[Jordan Moorhead]

@Kenneth Willis I can probably help.

How many lots, what is the lot rent, how many are occupied, what is the source of utilities and who pays the utilities?

[Kenneth Willis]

@Jordan Moorhead

It is a 12-lot property. No lot rent as all trailers are owned by the park, but avg rent is $750, currently have 10 occupied. Tenant pays all utilities. There is also space available for an additional 3 mobile homes.

[Jordan Moorhead]

Quote from @Kenneth Willis:

@Jordan Moorhead

It is a 12-lot property. No lot rent as all trailers are owned by the park, but avg rent is $750, currently have 10 occupied. Tenant pays all utilities. There is also space available for an additional 3 mobile homes.

I would need to know what the NOI was and would also want to know what the market lot rent was because I would try to convert as many as possible to TOH. Do you live close to that? It's a smaller park and may be hard to manage unless you do.

[Kenneth Willis]

I live about 10 minutes away from it. NOI is about $4200/mo right now. Avg lot rent is about $800/mo right now for the area.