Looking for Partner on Park Under Contract

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.

Park Details:

Price: $950,000
Rent: $300 (Includes W/S/T)
Lots: 125 (Licensed for 144)
67 occupied (all tenant owned)
1 Vacant Park Owned
City Water/Sewer

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.

Market Details:

Michigan
Metro Population: ~70,000 (Growing)
Median Home Price: $135,000
Avg. 2 Bed Rent: $760
Avg. 3 Bed Rent: $1060
Unemployment: 4.7%
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.

Thanks,
Daniel Simms

Daniel,

I’d be interested in talking with you about this.

Ken Williamson
619-322-6283

When you say the park’s water system is not in good shape - you mean sewer lines needing replacement? Orangeburg? Homes are old? How old?

If you have a solid deal on your hands I have capital for the purchase, any needed cap-x, a team to perform thorough diligence and a turnaround manager I can insert at the park upon the takeover. We also have a provable track record of closing and successfully operating difficult park and multifamily deals and we have solid banking relationships to get the financing done. I sent you a pm - let’s talk.