I currently own about 60 homes that are in good condition that I use as rentals. I would be willing to sell some of these at a wholesale prices to an investor.
My park is in Texarkana, Texas. I have a 110 lots. The homes are valued between 16,000-30,000 and vary in size and age.
My homes are occupied with good paying tenants.
I have a great on site property manager that could be very helpful to a new investor. If anyone is interested in purchasing an already cash flowing business, contact me. The current monthly home rent is from $400-$575. We can assist you in many ways with your home in our park. We want you to successful.
You could just continue to rent the homes and get the montly cash-flow or re-sell them like a Lonnie deal. It’s a great way to break into the business or increase your current cash flow.
Many possibilities!
Also I also have 10 lots left if you need a place to put your rental home. We welcome investors. The park is a nice quiet family community.
Lynn, although what you’re offering isn’t technically a note, you may have a very attractive portfolio for an investor. You would need to reach an agreement about the amount of lot rent. It should be low enough so that the investor could Lonnie the homes with relatively short term notes. There would also be much value added if you agree to do the rent collection and forward the proceeds (this shouldn’t be too inconvenient for you since you’re local and have to collect lot fees throughout the MHP anyway). You will have the widest audience if it is turnkey and completely passive for the investor.
The value of the homes will be determined by its income stream, but for example, we’ll use your numbers. Let’s assume the investor will want to Lonnie the homes such that the buyer’s total payments don’t increase. So your $12,000 home rents for $400/mo. You agree that lot rent is $100, which that leaves $300/mo for the note payment. Financed for 60 months, results in a yield of 18%. Assuming the collateral (home) is of reasonable age and decent condition, that might be an acceptable ROI for an investor. The key to making the deal work is your willingness to leave enough on the table in terms of reduced lot fee and your active management participation.