Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Cap Rate: 11.0%
  • Property ID: 1142686
  • Posted On: Oct 9, 2019
  • Updated On: Jan 13, 2020

Property Description

This is a 10 park, 121unit package deal.
All parks are located in central FL (7- 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.

Parks are all located approx 10-15 min from each other at most with 7 all being in Lakeland 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:
Avg rents almost $680e

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 35-40% of total revenue goes out in expenses on any said park which means it would put this portfolio at 13% 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. This 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 item 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

Now, we understand that a lot of you looking at this do not want park owned homes and will be looking at this package to sell back to tenants and make it all tenant owner because some guru told you that's how it should be. We don't care what you do with the park once it's yours but this is how the park is today and in our humble opinion you would be an idiot to take this park and do that because you would take your rents from $688 down to $400 which is obviously a lot of money but none the less if you still want to do that, then simply do the math of 121 units x's $400 lot rent and even if you got $0 per trailer on the sale back that's still $580k yearly income less about 20-25% expense ratio that's still a 9% cap rate which is still higher then most other parks being advertised right now. So either way it's a win/win for you.

Send me an email with any other specific questions. Please make sure to see attachments for rent roll including income for last 6 months on parks. Keep in mind the last 6 months does not totlally dictate whats happening today as these have all been turn around deals and we have raised rents and done new leases multiple times to get it where it needed to be, so what shows on rent roll is what is happening today, not necessarily the past but we know everyone wants to see some type of past financial data.

DO not ask for 3 years tax returns or something like that as it doesn't exist. We can provide current rent roll backed up by leases and past 6 months income, that's it for most accurate data.

Interested in purchasing this mobile home park? Get pre-qualified for a loan.

Park Information

Community Type: All Age
Number of MH Lots: 121
Total Occupancy: 97.0 %
Year Built: 1960
Average MH Lot Rent: $688
Size: 30 acre(s)

Utility Information

Water: Well
Water Paid By: Park
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 121
Average Rent for Park-owned Homes: $644

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