I found a park in Tennessee that is in foreclosure with the bank. It is a 210 space park with only 29 spaces with mobile homes on them. The park had almost 70 mobile homes only 2 years ago before one of the owners died. When the owner died the other partner let the park go. The park was bringing in almost $10,000 at that time. The park rent is $165 per month. The bank is currently asking for $750,000 for the park, down from $1,000,000 only 2 months ago. The park has city sewer and water (which is rare for this area). The park is about 30 acres. The second phase of the park (the area that can hold the other 140 mobiles that were not a part of the first phase that held the original 70 mobiles) can also be developed into 60 to 65 land home deals. I’ve received an estimate of about $300,000 to prep the land for phase two. I have a great relationship with the park manager. She has been involved with the project since the inception almost 6 years ago. There is an offer on the table from an investor and I am putting in a due diligence offer for about $700,000 to buy some time. Steve Waite from Clayton banks is visiting the property some time in the next couple of days.
Call me if you have any questions or want me to send you a copy of the pro forma for the past two years or the survey etc.
Ryan