Lane: You mentioned on the MHU forum that you are looking for a good operator to partner with and that you can raise 1 Million dollars for a deal. That’s more than enough to close on the mobile home park that I want to partner with you on. I am your perfect partner, honest and experienced and extremely diligent.
I have located the perfect mobile home park deal purchase. As a matter of fact, I live in the mobile home park, and have lived in it for the last 10 years, so I’m well acquainted with the mobile home park and it’s challenges and the park has been mismanaged and is only 50% occupied currently, but can easily be converted to a 100% occupied mobile home park due to supply and demand of housing here.
I am looking for a partner to come up with enough funds to close the deal, and you have that ability, and I will be the operating partner, hands on person to fill the park. I have 30 years of experience in the mobile home park industry, and have owned and operated 11 mobile home parks in the past totalling over 1600 spaces so I have 30 years of experience.
The park in question is a 276 space mobile home park in Eastern Iowa that can be closed upon. The 1st mortgage note of 1.8 Million is assumeable at 5.92% interest with 7.5 years remaining with a balloon payment due then. The Sellers equity is 1.3 Million. It will take 4.5 years to fill up the mobile home park by working with 21 Century Mortgage using their program to get new mobile homes brought into the mobile home park which in turn I will rent out or sell to fill up the park and increase the occupancy and value over time. This involves no cash out of pocket for the owner by the way. Please give me your email address and I will send you a general outline of the financial numbers on the mobile home park and a prospectus with pictures, etc.
With your financial injection of probably no more than $700,000 we can tie up the property and close in 2 months and share a 50% ownership each in the property.
We will be purchasing the mobile home park with at least a 9% capitalization rate at a price of $3,100,000 at most. The annual NOI is $282,000 with great upside potential. Park will be worth $6,500,000 in 4.5 years at 100% occupancy.
Please call me or send me your contact information and email address. This is destiny that you and I are meeting here.
14876 Washington Rd. # 23
West Burlington, Iowa 52655
(385) 355-0383 (cell)