All Forum Posts by: Kervin Mack

I have the opportunity to buy my first mobile home park.  It's 59 pads (54 of which are occupied) with all tenant-owned homes.  Rent is currently $275 per month (supposedly).  

It is co-owned by him and his brother.  I have the tax statements from 2020.  The stated combined income is $136,515.  Total reported expenses: $123,556.  I'm pretty sure they run many personal expenses through the business, but I'm most concerned about the top line.

He wants $2 million for it.  (200k down and the rest owner financed at 4.5% interest over 10 years.  

I've never been in this space before.  But the numbers don't seem to make much sense to me.  Any suggestions on what this may REALLY be worth?