I just invested in another mobile home park, you want to see what the deal looks like?
These are one of my favorite investments right now, when done right...
I always wish I could see inside others minds on their deals sooooo.....
These are one of my favorite investments right now, when done right...
I always wish I could see inside others minds on their deals sooooo.....
Stats:
- South Carolina
- off market
- 170 units
- price $3.9M
- 10+ are singe family homes
- 90+ park owned homes
- South Carolina
- off market
- 170 units
- price $3.9M
- 10+ are singe family homes
- 90+ park owned homes
What's the mean in dollars to us?
- purchase price of $17,400 per space (thats good)
- current rents under market by 200$ a month (a lot)
- 10+ homes can be sold off as single families in great market (win)
- purchase price of $17,400 per space (thats good)
- current rents under market by 200$ a month (a lot)
- 10+ homes can be sold off as single families in great market (win)
What I'm hoping to make:
- cap rate: 13.9% (prob aggressive)
- IRR 24.8% (aggressive but I'll be happy w/ high teens)
- Occupancy - 68%
- Goal occupancy - 90%
- Equity multiple - 3.7
- cap rate: 13.9% (prob aggressive)
- IRR 24.8% (aggressive but I'll be happy w/ high teens)
- Occupancy - 68%
- Goal occupancy - 90%
- Equity multiple - 3.7
These are simple, but not easy.
The parts that suck?
- you need a killer manager onsite
- maintenance can be a b* need a go to team
- needs about $800k for overall reno
- do it first w/ someone who has done it before
The parts that suck?
- you need a killer manager onsite
- maintenance can be a b* need a go to team
- needs about $800k for overall reno
- do it first w/ someone who has done it before
So monthly NOI aka how much we make before taxes and debt interest should be:
- $30-38,500 a month
Now $4M is a big deal, didn't do it all by my lonesome.
But the space also has lil guys to buy/invest in too, fascinating market for investors to learn.
- $30-38,500 a month
Now $4M is a big deal, didn't do it all by my lonesome.
But the space also has lil guys to buy/invest in too, fascinating market for investors to learn.
TLDR: Money can be made in the unsexy... every day.
Oh, and start looking for essential services investments in this kind of market.
What else do ya'll want to know? I'll share what I can!
Oh, and start looking for essential services investments in this kind of market.
What else do ya'll want to know? I'll share what I can!
• • •
Missing some Tweet in this thread? You can try to
force a refresh
