Looking for an Equity Partner on a MHP deal


#1

Hi All,

I am new to buying mobile home parks, but have been doing single family homes for about a year. I have negotiated with the seller of a park in Ocala FL to buy a 20 unit park from them. The price is $575,000 and the 2007 NOI was $58,000. The property also has a small store that is currently empty and could be an upside. The seller has agreed to take back a $475,000 first mortgage at 6% for 30 years, so I just have to come up with $100,000.

Is anyone interested in partnering on this with me, for a 50/50 split, or am I chasing a wild goose? I am interested to know if I am on the right track.

Thanks,

Mike Malitz

mgoblumike@yahoo.com