Mobile Home Park - MO

[Toby Kienzle]

Investment Info:

Mobile home other investment.

Purchase price: $1,420,000
Cash invested: $400,000

63 pad Mobile Home Park with one single family home and a big shop. 20 acres with room to grow.

What made you interested in investing in this type of deal?

Cash flow. Value add opportunity. Lots of exit strategies: BRRRR, buy and hold, fix / flip, further development, and split lot. And the right team on the ground.

How did you find this deal and how did you negotiate it?

Broker. Offered a Win / Win price with great terms.

How did you finance this deal?

Bank Loan

How did you add value to the deal?

Infill ~10 homes [in progress]
Upgrading all heat/ac units to new high efficiency units [no cost to the park owner or tenants]. Added $130k of new units for $0!
Remodel vacant shop into paid storage spaces.
Clean up the park (odds and ends / landscaping).
Increased rent.

What was the outcome?

Park residents [owners & renters] have been happy with our take over.

Lessons learned? Challenges?

Wish a Seller Financed deal would have worked here. Need to have solid financier on the team!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes. (but I was not the main point of contact)