I have a 45 lot 11 + acre park under contract in North Carolina in which I am looking for a partner or to assign to someone.
The park is defunct, the owner built it in 1985 and got distracted in the late 90s and let things go.
Licenses and permits have been kept up & infrastructure is there.
Here are the details:
35 current lots on septic
Community water - park pays
200 amp service to all lots.
Lot size is more than adequate for 14 X 80’ trailers and double wides as well.
10 of the lots need septic tanks.
Tenants pay electric.
There are another 7 spots available for expansion.
Area lots rents are $200 per month.
Estimate expenses at 35 to 37%
Cash flow per month 9,000 (45 lots rentals)
Annual is 108,000
NOI @35% $70,200 excluding future notes on mobile home rentals.
Using the acid test from Mobile Home University here is what we have.
3 * 12000 36,000
42 * 6000 252,0000
Estimate $40,000 for 10 septic and misc improvements
Owner wants $350,000k but I negotiated terms of $150,00 down at closing
and the balance on a balloon payment in 36 months at 5% interest only.
That will give time to build the park up and finance out in 18 to 24 months.
This makes for a doable deal.
I tried for an August closing date but seller needs to close in 30 days (divorce deal).
I need to call back seller tomorrow as far as yes or no on this.
Anyone interested give me call (843) 670-8466.
For non-local partners - I would be willing to take care of the general management of the park if needed.