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Article - Why Buy a Mobile Home Park?

Article - Why Now is a Good Time to Buy Mobile Home Parks!

 

 
Oklahoma Mobile Home Park For Sale

204 Evergreen St., Lone Grove, OK (5 minutes to Ardmore)

Half way between Dallas and Oklahoma City off Interstate 35

5 Star Cash Flow!

60 Lots

45 Occupied Lots

Includes a 2 Bedroom Home with a Garage, Shop, and Pond on 9 Acres -
Has just been Rehabbed and is listed with a local realtor for $109,000.00

Rent of $150 Per Month

City Water & Sewer - Paid by Owner

Park - 18.33 Acres - Very Large Lots
House - 9 Acres
(2 separate parcels)

New Manager doing a Great Job

Upside - Raise rents next year to $175 and also fill the 15 vacant spaces

For More Information Contact:

Terri @ 800-304-2835 or Email

or

Patriot Parks Management, LLC @ 702-353-5622 or Email

 

Bar-K Mobile Home Park

Proforma
Income:  
MH Lots $78,300.00
House (assuming you rent it instead of selling) $7,200.00
 Total Income $85,500.00
   
Expenses:  
 Advertising 1,200.00
 Bank Charges 100.00
 Electricity 1,250.00
 Insurance - Liability 2,000.00
 Legal Fees 1,000.00
 Maintenance & Repairs 6,000.00
 Management 9,600.00
 Office 200.00
 Taxes - Real Estate 1,923.45
 Telephone 840.00
 Water & Sewer 12,000.00
 Water Test Fee 300.00
 Workers Comp 754.00
Total Expenses $37,167.45
   
Net Income $48,332.55
   
Price (Park plus House) $425,000.00
Down Payment $125,000.00
Proforma Cap Rate 11.37%

Price without house is $70,000 less or $355,000.00

 

Notes
       

Rent was raised effective September 1, 2008 to $150 per month and will be raised again next year to $165 or $175 per month.
       

Prior Owner did not enforce rules, collections, etc and wrote off many expenses through park that were personal
 

 

 
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