8 unit mobile home park

[Autumn Rankin]

Investment Info:

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

Purchase price: $80,000
Cash invested: $30,000

Purchased this 8 lot + 8 home park in November 2019 for $80,000
2 trailers were junk so I called the local religious cult and they are taking them for me (saving me $$$)
Cleaning them up 1 by 1.
will rent them out for $850-$1000/ home.
The purchase price was $80,000- I paid $30,000 to the seller (by flipping 2 mobile home lots in town and profiting $14,000)- I assumed to note that was held by another individual. ($50,000 @ 8%)

No pics cause BP website wont upload or save it :(

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

I already own a park, this was a value add park

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

I found a strange listing on Zillow, the asking price was $149,000
I went and looked at it, the owner wasnt really interested in responding to me. So I facebook stalked her a bit and realized we went to the same church, I joined her bible class :) got to talk to her more, invited her to lunch.
Got the whole terrible story about the stabbing and shootings there.
Found out she owed $50,000 on it to a private note holder.
I waited 5 months but called her frequently to inquire.

How did you finance this deal?

I needed to pay her $30,000 cash
Rolled $14,000 from a land flip
used 0% interest credit card balance transfer for $15,000
Assumed the loan for $50,000

How did you add value to the deal?

I am currently cleaning up the land and trailers 1 by 1, meeting with City Code enforcer to see what he would like me to fix to get on their good side

What was the outcome?

we will see. follow my story on @queendoublewide on Instagram

Lessons learned? Challenges?

you can always be creative :)