I’m currently under contract to purchase my second mobile home park. A 49-Unit MHP with 43 occupied lots. It’s currently undervalued, low rents and a mom and pop seller. I’m looking for a 200K 1st position note and 200K in renovation budget. This will be a 6 month hold into a refinance to long term debt.
Total number:
1M purchase price, 200K down with 200K renovation, seller will carry remaining amount in 2nd position. 6 month term. ARV is 2.5M after rent raise and bill backs.
I’m open to rates and points that work for the deal. Happy to talk through options 732-735-7511Dennis Lane 60 days after takeover
Hi Karl,
I am a private lender who lends my own money for real estate projects. Where is the MHP located?
This park is in Clarion, PA.