I agree with jhutston.
No profit here.
Remember, just b/c the seller financing is non-recourse doesn’t mean the underlying loans are. Be careful here.
Of course the current lenders will hold paper - they don’t want the thrill of management.
But – let the current lenders f/c on this (which is likely if there is no sale) and they’ll go from passive lenders to motivated sellers. That’s where you’ll get your discount.
Talk to the lenders and buy the note(s) at a discount that control the c/f on this park.
Gross is $8500? on 18 paying lots? That’s over $470/mo lot rent.
The expenses are WAY under-reported by the seller.
And the homes the park owns (14 of 18) need work.
How much will that cost?
Did I miss anything?
Oh yes, any balloons coming up on the existing notes?
Like in the next 5 years.
There ARE ways to make something here, but its not for the newbies or faint of heart.
Keep us posted,