Hay everyone, I’m new to the park buying side of things and will be in Austin Tx this weekend for the Bootcamp.
Here is the park info I got from a phone call and some google map searching
Newer park started 15 years ago
Close to major attraction in Wisconsin
33 lots scheduled but 16 built 13 rented 12 POH
Well and septic = 1 well per 2 homes 1 septic per 4 homes sandy soil with good perk
Below grade electric service and homes are on separate LP
30x50 Maint building
Roads are gravel
Lot rent is $250 homes are rented from $450-$650
Listed price is $399k
My calculations are:
$250 x 13 x 12 x.7 x 10 = $273k Given that park owned homes are involved I went with $3k/home avg so $36k bringing the total to $309k. The broker is stating a 19 CAP with $77K NOI
Owner financing is available with roughly 25% down.
Best places does not have good things to say about the town but it is 15 miles from Wisconsin Dells that Best places likes much better.
Ok so please tear this apart for me so I can make a fool of myself here and not in negotiations. I’m really kind of happy that I made the calls and apparently sounded like I knew something with my questions.