Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Property ID: 1142676
  • Posted On: Oct 9, 2019
  • Updated On: Jan 14, 2020

Property Description

Total Units 15
Yearly Income 98656.56
Expenses $20k
Net $78k
avg rent $548

100% occupancy and when one goes empty they rent within 24-48 hours.
Trailers consist of 1960-1970's homes mostly 2bed with a few 1 and 3 bed mixed in. Everyone is responsible to deposit rents in our bank account and take care of own lawn.

Everyone is metered separately

All maintenance and repairs are up to date as far as being rent ready and functional. Cosmetic maintenance is of course always done per your own flavor.

If your interested in other parks or a bigger group deal

This is a 9 park, 112 unit package deal.
All parks are located in central FL (6- Lakeland, 2-Bartow, 1-Sebring) with all parks running smoothly with 99% occupancy and all parks with almost 100% maintenance and repairs up to par. We have full time crew that stay on top of everything as it comes up.

Each park is also listed separately and we are willing to break it up as they are all separate now but will do a small discounted price for the package if your looking to get a bigger deal all in one close area.

Parks are all located approx 30-40 min from each other at most with 6 all being in Lakeland only 10-15 min apart and 2 in bartow only 20-30 min away. This could be a great way to add to your portfolio or walk into a bigger one without having to clean it up or turn it around.

Key points for package:
9 parks/112 units $4,499,000 Discount on package with average rent of $644.60 on almost 30 acres total.

$886504.56 gross rents and noi of $764154-All parks are at 100% occupancy and stay that way for many years now. If one goes empty it is rented within 24 hours and for more money per month then previous tenant. We do still have a few units under market due to longer term tenants but the ones that do move out they are gone asap and for more every single time.

Expenses do not include Management or maintenance on any of the parks, just raw expenses, since we manage and maintain everything in house including all of our other properties, so the expenses on that would be inaccurate for us to provide. It's a very very good rule of thumb to say 40% of total revenue goes out in expenses on any said park which means it would put this portfolio at 12% net cap rate, which is higher than most parks being advertised today. One thing we do that dramatically helps with management is, we do not go around collecting rents, everyone is responsible to deposit at local bank (midflorida credit union) which eliminates a ton of work. We also have it setup in all of our contracts that their rent is $50 higher on contract than agreed monthly rent and we give them a $50 discount on rent for paying on time, this way if they are late the $50 (late fee) is not really a late fee it's actually a part of there rent. Thihs helps both in the courts as well as people seem to use this in their mind and pay on time more often then not.

Late fees: Late fees are assessed as rent. Example: If they pay before the 3rd their rent is $750. After the 3rd its $800. That way it can be called rent but is a "late fee." We have company that will do the eviction for $300. That includes all fees except the sheriff if you have to get a writ of possession. That is $90. I will look to see what we put eviction fees under and see if we can get that for a specific park.

Occupancy is 100% in all parks, all the time and all parks are park owned, there are 0 tenant owned units.

Reasons for selling: We have been in the short term rental business and flipping business for over 10 years now. Owner has other investments and business and with this portfolio it's a lot of units to keep up and would like his focus to be on the other business and investments as well as the fact they were all purchased in distress from all separate owners and have been turned around, brought us and now it's time to sell and make money. Owner is not in financial dispare at all and we have in house staff to manage everything with the size portfolio we have, so this is not a distress sell, we will not go below market value and we are not offering any owner financing of any kind but can connect you with a local bank that is a a portfolio lender and will lend on older parks as we have personally used them and are using them now.

Public records disclosure: If you attempt to lookup these properties in public records you will not find them and here is why: They are "hidden" in public record because the main owner on record is a guardian ad litem for the state of Florida and works with sensitive cases and does not want the parents of the kids he is guardian for to somehow find him if they don't like what he is doing for their kids. If you need anything specific we can provide the information and or go down to to the public courts to sign off to release any information but this will not be done unless a contract, with deposit is on file with approved bank letter or proof of funds letter.

NO owner financing is being offered, if you need financing, this is the local lender we use and have used in past for our own investments. They are a local bank/portfolio lender and do mobile homes.

Paul B. Colee
Senior Vice President
500 S. Florida Avenue, Suite 100
Lakeland, FL 33801-527
Work: 863-595-0334
Mobile: 863-860-6436

Send me an email with any other specific questions.

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Park Information

Community Type: All Age
Number of MH Lots: 16
Total Occupancy: 74.0 %
Year Built: 1960
Average MH Lot Rent: $548
Size: 1 acre(s)

Lot Information

Singlewide Lots: 15
Doublewide Lots: 0
Triplewide Lots: 0
Park Model Lots: 0

RV Information

Number of RV Lots: 0
Average RV Lot Rent: $0

Utility Information

Water: Well
Water Paid By: Park
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 15
Average Rent for Park-owned Homes: $548

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