We have a great deal in Central Florida under contract and we are looking for an equity or debt partner:
160 park owned homes, (most are 1,2-br with some studios and 3-br)
10 vacant lots for expansion
City water/sewer
All units are individually metered for water/sewer/electric and billed directly to the tenants by utility providers
About 70% of units are presently occupied producing $47K per month
Rents are 20% below market
Older homes of 1980’s but exterior looks very good
All homes have good titles
Excellent location close to everything
Good quality asphalt roads
Market lot rent in the area is $350
30% of units need repairs, the park needs cleaning/tree trimming, ¼ of tenants don’t pay on time and don’t follow park rules (noise, loud music, trash)
Previous owner never did background check on tenants and/or enforced park rules
Projected NOI after 12 months at 100% occupancy is $550-600K and the park can be flipped for $5.5-6 million
Purchase price - $2,850,000
Estimated investment for renovations/capital improvements - $550K
Total required investment - $3,400,000
The park has never been on the market
We have a proven track record of successfully implemented projects – conversion of distressed parks into stable income producing properties in Florida. We also have a turnaround manager who can move to the park upon closing and manage the project for 12 months until completed. All existing tenants who don’t pay on time and/or violate park rules would be evicted within 2 months after closing, 30% of units repaired within 6-8 months, park cleaned, trees trimmed, all units pressure washed, new sign/fence installed, rents raised by 20%, background check would be done on all new tenants, and a “no pay no stay policy” enforced.
If anyone is interested and has the funds immediately available for investment, please email at MHPInvestGroup@gmail.com and we can schedule a phone call to discuss.