@narf , as per your post:
- “Interesting deal!”
- “80 unit park 90% occupied”
- “all (80) park owned homes****”
First of all @frankrolfe (who is extremely knowledgable) said:
- “This deal has a lot going for it.”
Thus, it has Frank’s approval (which means a ton).
My Husband and I have 2 MHPs with a total of 15 Park Owned Homes.
I am very conservative.
Personally, I would not want to own 80 Park Owned Homes.
I understand that your plan is to sell off all the Park Owned Homes to the existing Tenants.
However, do you really even want the existing Tenants in the MHP…let alone own one of your MHs?
You indicated that you would like to get at least $2,000 down for each home.
I would be very impressed if the Tenants had $2,000 to put down on a MH.
Obviously, @frankrolfe has done this before and gives your deal his blessing.
Frank is absolutely wise, knowledgeable and experienced in MHPs and to give his blessing means a lot.
Just personally (as a very financially conservative person) I would pass on this deal, but that is just me.
In addition if you have to do some renovations on the Park Owned Homes, it might take longer than you anticipated/scheduled.
We have coordinated renovations (various levels) on all 15 Park Owned Homes and it takes a lot longer than anticipated/scheduled (this is with me staying on top of them through emails/texts).
We wish you much success!