I’ve put my first park under contract in a good location within a good market in Michigan and in my early due diligence found what seems to be serious problems with the water lines. I feel to continue on this park I need an experienced partner. The park has much older homes (some in bad shape) and is eye sore in a relatively nicer surrounding area for this reason the city gives the park problems.
I do not have financing in order. But have cash for down payment. Looking for equity partner.
Rent: $300 (Includes W/S/T)
Lots: 125 (Licensed for 144)
67 occupied (all tenant owned)
1 Vacant Park Owned
10 Mins from wal mart super center
5 mins from university campus
Bus stop in front of the park and across the street from a school.
Metro Population: ~70,000 (Growing)
Median Home Price: $135,000
Avg. 2 Bed Rent: $760
Avg. 3 Bed Rent: $1060
Major Employers: University/Tribe/Hospital
I’d consider assigning the contract if there is interest.
Message me or if you leave your number I can give you a call with more details.