I have a park in Alabama I am currently under contract with. It is a 55 unit park in an area with a $142k home price and an 81k metro area that’s growing and 2.4% unemployment. It is near a Walmart as well. There are 42 out of 55 occupied. I did a test ad and got a lot of replies, as there is a strong demand for affordable housing. It is city water and sewer, sub-metered and direct billed for utilities. Lot rent is $225 and under market. It is a mom and pop that owns it and they do everything with pen and paper. They overpay 2 handymen to be full-time park managers. The deal is about a 9% cap and they are asking for $900k and includes the park-owned homes which are most of the park.
I am in the hospitality business and I decided to get into Mobile Home Park Investing. I bought a Park in Georgia in October and I am in the process of turning it around. I got everyone on rent manager and collecting rent from Florida (where I currently live) has been easy with a park time manager. I plan on doing the same with this park, however, my regular business has really picked up and I need a local partner who can help with due diligence, getting a bank loan, coming to the area for the first month to help set it up and hire a greeter or cheap part-time manager. I would work on everything remotely including collecting rent on rent manager and bringing in homes to fill in the park, selling the homes to the residents, and getting park on cash program, which I have been pre-approved.
I am open to suggestions of partnership splits on this. I would want someone that has experience owning parks, can get a bank loan easily, and has at least 50% of the capital to put up for this. You can email me at email@example.com if you’re interested in working on this.