or more accurately an LLC I have a beneficial interest in is L/O an existing full Park.
There are 25 units (actually 26 include office), 9 D/w and 16 s/w. Park grosses 16.5K. Lease amount 5600 per month includes taxes, lease, insurance. Will raise rents and institute some minor changes to increase this.
Got into this L/O for 1K (Option). Had money back in one day of operation. This park is 2 miles from our office and has a pretty stable tenant base…a beautiful Park. We have a 7 year lease with option any time after 5 years and will probably purchase for 580K at option.
This gives us 8-9K per month after ALL expenses…sweet. Working on another Park 85 spaces, 9 empty lots for 18K Option (down). This one is 50/50 right now. A realtor is involved and that is NOT a good thing.
Ironic really, a Park for less out of pocket than my first Lonnie deal!
Have been very busy with estoppel letters, meeting tenants, opening bank accounts, forming an LLC, writing lease and Option (thanks Karl), learning the Park.
anyone else doin’ anything cool out there? parks bought? land Homes?
Let’s all bring a new deal to MOM!!!