Maple Avenue Mobile Home Park

[Casey Roloff]

Investment Info:

Mobile home buy & hold investment.

Purchase price: $395,000
Cash invested: $50,000

31 Space Mobile Home Park.

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

I've come to realize that there is a substantial need for low income housing within the local community of Yuma. That paired with the knowledge gained from Biggerpockets is what interested me in the niche.

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

I found this deal on the MLS. I called the listing agent on Day 1 of the listing and was able to get a full price offer accepted by close of business. After the inspection period we were able to negotiate $20,000 cash due at closing to assist with repairing deferred maintenance.

How did you finance this deal?

Conventional financing through 1st Bank Yuma.

How did you add value to the deal?

The previous owner did not manage the park effectively. They paid for all utilities, did not require lease agreements, or security deposits and had a ton of deferred maintenance leading to a very low occupancy rate. We've cleaned up the park, required lease agreements, transitioned the electric and gas accounts into the tenants names and have been slowly renovating homes. We also brought an old laundry facility back to life after a previous electrical fire.

What was the outcome?

We've effectively increased the NOI and are diligently working towards maximizing occupancy.

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

The Vice President of 1st Bank Yuma Travis Hice was extremely helpful and made the transaction easy.
Unfortunately, we used an inexperienced Title Officer at Pioneer Title which led to several miscalculations & numerous head aches. I will only use Kim Amavisca or Cheryl Lakey from Chicago Title here on out.