My company owns a 72 lot MHP in Kansas - my former business partner took out far too many unauthorized distributions leaving the company cash poor. I agreed not to sue and he agreed to a buyout - now I need to execute on that and take on a better partner - or just sell the company. The park is currently financed with a 6% term note that is now 6 years old. We owe about $310k still. The park was sold for $600k in 2006 - it should be at least $550k value now with a little more work. I fixed water wells, streets and cleaned the place up a lot. I got rid of several bad tenants and am working on 2 more - it will finally be stabilized this summer and we should be in a great position to begin buying units and filling it back up. Lot rents are $275, with $15 early pay credit. Currently 33 lots rented - getting new leases signed soon and will be able to start going after titles of a few abandoned units (due to unpaid rents) to resell and lease up. Biggest challenge is capital to buy units - we have plenty of inquiries for tenants if we had units to sell on contract or got those 3 abandoned units in our name and resold or leased… Great upside potential.
I’m willing to sell the whole thing for $550k or take on an equity partner for $25k with another $25k paid in for operating capital as a note from the company. 50% of the LLC or buy outright for the $550k with at least $100k down and you can assume the existing favorable financing and pay off over time.
Ideas welcomed. I simply am looking for an honest investor partner to help cover cash needs while we are improving things - the company is not upside down - its making a little cash now as-is but could be much better with a few more tenants - which is why I’m offering half the company for someone to join me if they can help purchase units to place in the park so we can get them leased out.
Call me for details or message me with your info if you are able to help out or got any ideas on anyone wanting to invest in the midwest. This is a 1.5 star park - no park-owned clubhouses, no pool… people here just want to live in the county (very close to big cities, casino, major manufacturing employers, good schools) but not deal with the city life directly. Most want to be left alone and are good tenants overall. Common daily management tasks helps keep things tidy and moving forward. We are a small community and are improving things daily.
-Eric 316 518 9350