All Forum Posts by: Rob Estes

Off-Market Mobile Home Parks in Poplar Bluff, MO!

The main hub between St. Louis & Memphis

• 2 park portfolio
• Large park - 37 pads
• Smaller park - 20 pads
• City sewer (direct bill by city)
• City water (direct bill by city)
• All home individually metered for both water and electric
• Tenants pay utilities (water/sewer/electric)
• Garbage paid by owner (dumpsters on-site)
• All park owned homes
• 3 vacant Mobile Home Pads (sites ready for new home install)
• 4 homes currently need renovation work
• Under-market current rents
• Owner is getting older and would like to retire is the only reason for a sale
• Owner is willing to owner finance remaining note with $450,000 down
• All title work /closing paperwork is completed and owner is looking for a quick close and new ownership starting Feb 1st.
• All 54 homes on-site must remain POH's for duration of the owner financing

I have a full presentation will all the details, addresses, rent rolls, breakdown, proformas, and pictures. Would be happy to send after an NDA is signed.

Currently Grosses $21,650 per month

Purchase Price: $1,750,000 (firm) or highest bid. (assignment fee included in price)

This is an assignment of contract, serious end buyers only, end buyer pays all closing costs and attorney fees associated with the deal.

Cap Ex. needed

• Paved roads
• New Signage
• Landscaping
• New mailboxes
• Power washing / painting units

At takeover (as rentals only)

$15,025/mo. (Bigger MHP) + $6,625/mo. (Smaller MHP) = $21,650 /mo. or $259,800 /yr. (gross)$21,650 /mo. or $259,800 /yr. - expenses(40%) = $12,990 /mo. or $155,880 /yr. (NOI)Asking price = 1.75mm$155,880 /yr. (NOI) /1.75mm = 0.9 ( 9% cap rate )9% Cap at asking.

Potential at full capacity with $50 rent raise (57 units)

$18,675/mo. (Bigger MHP) + $9,425/mo. (Smaller MHP) = $28,100 /mo. or $337,200 /yr. (gross)$$28,100 /mo. or $337,200 /yr. - expenses(40%) = $16,860 /mo. or $202,320 /yr. (NOI)Asking price = 1.75mm$202,320 /yr. (NOI) /1.75mm = 11.6 ( 11% cap rate )11.6% Cap at asking.

Please feel free to PM me directly for a NDA form or with any questions. Thanks!

@Andrew Fidler thanks for connecting. Would you be able to share these documents with me? I’m doing my first owner financing deal (as buyer) this week on a Mobile Home Park and just want to make sure I have my ducks in a row as far as required paperwork. I’m trying to get an attorney to review as well.

Thanks in advance!

Rob

Restes83@gmail

Just want to make sure I don’t miss anything during this MHP, owner-financed, deal. For those of you that have completed these transactions could you please list all the documents needed for the transfer.

- Owner still has a small mortgage on the property

- Only 4 POH’s

- Currently wanting a 75k down payment and financing 225k on a 300k park.

Thanks in advance for all you input and help. If you have templates of closing documents that you could attach or email me, I would greatly appreciate it!

Bic, I'm in the same boat...please let me know if you find anyone you like/trust. 

Elizabeth and Devon, both great ways of investing. Elizabeth I love that angle. And Devon, I was thinking something very similar. Or at least have one of those multiple investment properties be a multi-unit property. I dont think over here in DC/Baltimore area I am going to find anything 5 units + with a 3/2 layout for under or even near 350K, unless its in a completely crappy part of town. I have found a few that are 2/1 or 2/2 in the seeking price range.

Thanks so much for the advice Jon! I never really thought about a partnership stake in a large unit...now you have me thinking!  Maybe if you have some contacts up this way that are in that type of investing, just shoot them over. Thanks again! 

So basically the title says it all. I have approx. $350,000 in home equity that I am looking to reinvest. I wanted to get suggestions from those of you with much more experience then I have. Right now, I have a rental single family home and the home I currently have. 

I was looking to go in one of three direction (and completely open to other possibilities). And would like to go the buy, hold and rent route I think at this point opposed to the "flipping". 

1) a multi-family unit. Currently looking at a 4 apt. building in that prince range

2) A Caribbean condo rental property. 

3) Buying 2 or 3 condos locally. 

Thanks for all your input and suggestions, 

Rob