G’day Guys n Gal’s,
For those of you looking to buy a MHP or partner on one. Here’s a deal that might fit your criteria.
Here’s the Basics:
46 lots - 29 occupied (14 of which have notes currently carried by park) + 7 vacant homes (also comes with park) + 10 vacant lots.
Zoned and approved for 14 additional lots which are currently undeveloped
Avg lot rent $281
Rents well below market and not raised in 12 years. Market rents avg $320.
City Water & Sewer
Electric billed direct to tenant
Water billed back (will cost under $5k to sub meter)
Park pays trash
Purchase price $519K
Seller is willing to carry; 10% 2nd @ 6%, 30yr amo, with 5 yr balloon
Assignment fee $40K
I have 7 days to request docs from seller, he has 7 days to supply
Upon receiving satisfactory docs from seller I have; 45 days due diligence, followed by an additional 60 day financing period + additional 30 days financing period if necessary
Location; Bay City, Michigan
City population 34,899; http://www.bestplaces.net/city/michigan/bay_city
Metro pop 107,633; http://www.bestplaces.net/metro/michigan/bay_city
Avg 2 bed apart rent 701
Vacant housing % is low
Walmart Super Center
If you are interested in learning more about buying this assignment or partnering on this deal. Please email me at firstname.lastname@example.org so I can send you over an NDA. Once I receive the signed the NDA, I will send you the full package. After reviewing the package; you can contact me on my cell at 714.603.1394 or reply to my email. (I am in PST time zone, but will answer anytime.)
"Your Australian Mobile Home Park Mate "