7 Units in a beautiful Huntington MHP, NOT THAT HUNTINGTON :)

[Logan M.]

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $175,000

This property comprises seven existing mobile home spaces with the potential to accommodate three additional units. Purchased from a wholesaler, the initial capital for the down payment was provided by a partner. After one year, a refinancing was executed, leveraging the property's equity and transitioning into a long-term commercial loan.

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

Buying it off-market for significantly under-market with value add opportunities.

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

Wholesaler

How did you finance this deal?

Hard money, a partner's capital, and a refinance into a long-term commercial loan.

How did you add value to the deal?

We filled two spaces that had been vacant and began enforcing park rules. We also raised rent to $300 per space. We bought the community with one home that we rented out for $800/month so the cash flow more than doubled.

What was the outcome?

Rents have doubled. We have a little more work to do on the park but we are getting there.

Lessons learned? Challenges?

TIme costs you a lot when you borrow hard money.

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

I self-represented.