Need buyer for turn around park in Oklahoma City

mobile home university
1

Good morning MHU community,

I have a 99 unit MHP in Oklahoma City under contract that is 80% below value when using the 60/30 rule.

There are 40 lot rents @ $175

There are 16 rentals occupied

There are 34 vacant units of various condition ( have some pictures )

There are 8 abondoned units of various condition

There are 11 vacant lots.

City water ( currently no meters )

City sewer

trash dumpster that owner pays for

I am looking to get a reasonable finders fee from this park that we can discuss further if you have an interest.

I need someone who can make a decision fast and close fast either with cash or qualify for a loan that I have ready to close on.

Terms of the loan are:

11.3% interest

20 year AM

15% down

5% prepay penalty for 1st 5 years

If you are truly interested you can reach me at 916-792-4060 as I will be out and about all day today with out access to email.

Thank you for your interest and I look forward to speaking with anyone interested.

2

I am far from Ok but thought I would take a shot at figuring the price. So using the 60/30 rule the park percieved value would be $866,250 40+16=56 (rented lots)X175=9,800X60=588,000+(34+8+11=53 unrented lots)X175X30=278,250 total land value $866,250-80%=$173,250 is this the contract price? Also you have 58 homes of questionable condition so add $1,000 per for those and I come up with $231,250? Am I close?

3

Trying to come up with a value on a MHP.The state of Ohio allows 49units on land,1990 all new water- sewer lines gas meters,property tax 9000.00,Ins.6000.00 tenants pay for all utilities and billed 70.00 a month for water-sewer-trash.32units*$240.00lot rent60 and 11vacantunits$240.00*30=$540000.00.+8 home sites=4000.00a month and 4 new 08 models with dealers liecense=60/30 rule or reveue -expense is showing a cash flow of$132,300.00.Owner wants me to make offer, but 60/30 rule and 10cap rate seems far apart.Need help to come up with fair price!!!

4

I for 1 am confused. List the income and expenses on seperate lines and try again. +8 homesites? 4 new 08 models? dealers license? cash flow of 132,000? need more info. and try to explain more.

Don