We currently have a 99 unit MHP under contract and getting ready to close in Oklahoma City.
The lot rents are $175 and the owner currently pays W/S/T
The park is 53% occupied and according to the 60/30 rule the park would be worth $798k. We have it under contract for less than that. There is also a 4 bedroom home on the property as well as an office and laundry.
There are 40 older single wide park owned homes that are not figured into the value due to only some are rented and all are in need of various amounts of repair. The worst of the homes were already removed.
We have AA paper credit scores but due to current lender worries they are balking at the stated income loan that we had previously had been agreed to. We are self employed business owners as well as investors and have shown as little as possible in income for the past couple of years and the lender wants to see more income for the loan.
We are looking for an equity partner in this deal who would be willing to be on the loan.
If you are interested please let us know and we can forward you additional specific financial information on the park.
Paul and Rebecca