[Off Market] 2 Park Portfolio (160 lots) Assignment - Lexington, KY

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Basic Information:

  • Price: $4.5m
  • Location: Lexington, KY
  • Lots: 100 + 60 (27 POH)
  • Lot Rent: $300/$300 (Market: $510)
  • POH Rent: NA/$650
  • Occupied: 70 + 60
  • Water: City/City
  • Sewer: Treatment Plant/Treatment Plant

Additional Information:

  • Seller is requiring proof of funds for the down payment
  • Due to poor record keeping the seller is unable to provide financials
  • Parks are C class and will require moderate CapEx
  • City sewer line is expected to reach one park by October this year
  • No seller financing available

Please direct any inquiries to tylerpmiller97@gmail.com

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If someone is going to ask $4.5M for anything on planet earth, they need to show very clear financials. Would you hand someone $4.5M with no proof if the property even makes a dime? C’mon dude.

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From the Subject Line, the word “Assignment” is used. That likely suggested the “Seller” is wholesaling these parks, Assuming a wholesale deal, your Seller must have seen financial P & Ls for each of the two parks. If so, you might talk to the wholesaler buyer/ your seller/assignor, and find out if this is a wholesale deal and if so he should be able to get the cash basis P&Ls and rent role for each park (a trailing twelve). If so you can assure him that you will move forward if you decide to do so with him and not go around him. Underwrite the deal assuming the financials and rent role make sense and the market where the parks are located show data regarding essential criteria for location make sense
Note regarding the Sewer Treatment Plant–for me that would be a deal killer due to the potential expense when something goes wrong. If this is not a wholesale deal I would insist on getting the requested information. Now parks can still be underwritten by reverse engineering the financials but you would be well advised to have a veteran MHP investor/operator who has a ton of experience in reverse engineering financials for underwriting parks such as these. I hope that helps.

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We are looking to buy, please email me information

jon@mfinnovations.com