All Forum Posts by: Evan Hutchins

Im going to meet again with him next week to go over some more numbers and see if we can make it work for both of us.  He is offering almost all seller financing.  Im looking at 1.7M being the value I place on the park,  and hoping he would be open to a 1 year interest only period where we can fix things up to run smoothly.

Thanks Harrison,  Ill reach out.  This is a propsition My wife and I have been considering for years but finally looking into seeing if we can make it a reality

I have a chance to buy a 68 unit park in my home town in Maine.  My Uncle started and owns the park and is willing to seller finance almost all of the purchase.  68 pads, with 59 filled.  The park is one of the nicer parks around but the roads need approximately $200k in upgrades (paving) and about 30 of the pads would need the sewers tied into city sewer and taken off again leach fields.  Price tag is $2,150,000. Monthly gross just over $20k.  The numbers work Im just seeking out some more experiences advice.  Any thoughts?

I have a real opportunity to buy a mobile home park in my home town inMaine. Its a family deal... My uncle who is 72 started the park and is wanting to retire. Family deals are tough but thats a separate topic. The park has 68 pads, with 59 of them filled. Monthly lot rents equal about 20k. He has been talking a number around $2,150,000 which seems to be a decent cap rate but the park road needs paving and some of the sewer systems need to be tied into city sewer and taken off from aging leach fields. These 2 expenses would equal approximately $300k. Should I pursue this, where can I get real advice on this?