All Forum Posts by: Kenneth Harrington

Just to clarify, Yes it is Rudd's. My understanding is that the electrical and plumbing would need a complete renovation. Many of the abandoned trailers would be removed and pads re landscaped and  cleaned up. There is a large demand in the area, as very few parks in the area have space available.  The violations would all have to be corrected and the city is willing to work with the owner to accomplish. Many of the violations are on personally owned trailers, many of which are already abandoned. The rest could be conditionally repaired and or removed.  The price on the park is 550 which I think is too high, and yes, there have been several failed contracts placed on it. This is not one of those project's that is for the faint of heart. However the upside has great potential on a 2 to 3 year turn around. 

I have come across a 117 site mobile home park that is in need of renovation. It is now rented at a 30% capacity. The site has great potential and would be a great investment once the park is updated. Preliminary estimates on Renovation are about 200,000 which I have and am willing to put into the park. The park is on 9.3 acres and  has been in threat of being shut down, unless renovations are made. I am looking for an investor to put up the needed 600,000 to buy the park. I will get the park in compliance and rented, then we together will resell the park for about 1.8, which is still a conservative resale considering the rent is 450 per lot and has a great cap rate. Any interest, please get back to me.

Ken