MHP Opportunity in Fayetteville, NC - Seeking JV Partner


#1

Wanted

MHP owners in the Carolinas interested in JV partnership with experienced multifamily investors who are new to MHP’s.

Background

We are pursuing an MHP opportunity sourced through direct mail in Fayetteville, North Carolina. The parks is located on the southeast side of town, is within 10 miles of a Super Walmart and has 75 total lots (48 occupied TOH, 5 occupied POH, 1 vacant POH, 21 vacant lots) with septic and water well. We are seeking one JV partner to give us credibility with local lenders.

  • Downside: roads will need major work in a few years; manager owns 9 homes in the park; manager’s expenses are $25k+benefits annually; lot rents are at market with limited room to immediately push them higher (confirmed by recent test ads)

  • Upside: fill vacant lots; push utility expenses to residents; solid market

We are pursuing the contract assignment from a friend who’s passing due to timing constraints and the seller’s delay in clearing up title issues. They sourced this deal through direct mail and cold calling. The sales price is a firm $725k. I have three other partners who are interested and am seeking one additional JV partner who can bring $50k-$100k to the JV.

Contact me if interested at jjacobus@lonejunipercapital.com


#2

I used to live in Fayettenam (as we affectionately called it) so I’m quite familiar with the market. What is the current lot rent?


#3

Current lot rent is $225/month. Would be interested in hearing your thoughts on the market.


#4

@Dominic730 Do you have any references to banks in the area who lend on MHP’s?


#5

No sorry I do not. Obviously the main employer of the town is the US Army/Air force. Fort Bragg is one of the largest military bases in the US and won’t be on any list to be shut down so that’s a huge plus from an investor perspective. The downside is that there is crime and rents won’t be too high.