I am buying my first park. Not sure if i am doing it the right way. I have experience buying and selling mobile homes with land in florida. Sucessful doing that.
Terms i agreed to as follows. Purchase price of 110000. Down payment of 20000. Balance to be paid as follows. Seller has borrowed money to fix property. I am to pay off loan at 800 a month. Her loan is for 70k. Seller to give other loan at 10 percent interest on other 20k.
Park has all city utilities. 7 pads. 1 occupied at rented at 575 a month. The other 4 have mobile homes. 2 need rehab, the other 2 are new. Other 2 pads no homes. Impact fees of 18000 for sewer and 4500 for electric need to be paid. Plus rehab of 2 homes.
Park when up and running should net me after expenses 3700 a month. Any thoughts.