Details - Information last confirmed on February 18, 2021
The park contains 11 spaces with utilities and 300' of chain link fence bordering the back of the property. I currently have two tenant owned homes paying $150/month which have been approved by our finance company to finance the purchase of their lots and home for a total of $15,000 each which I am completing their applications now and expect to close in 45 days I have two other homes that I own and am rehabbing which I estimate lot and home for one to sell for $30,000 and another for $40,000 so my total projected revenue from Sale of homes on existing lots will be $100,000 less estimated rehab costs of $10,000 for rehab which has been approved by the Mayor for a net of $90,000.
In addition I have 7 remaining lots that the City of Cowarts has approved for me to put RVs on. If I choose to rent those lots to customers to bring their own units I can get appx $250-300/month. However if I purchase 7 units at an estimated cost of $7500/each or $52,500 plus estimated rehab of $1000/unit for $60,000 for home purchases my gross rental income will be $450-$500/ month or appx $475 x 7+ or $50,000 plus $90,000 above or $140,000 less the $60,000 to purchase and rehab the units expenses or a projected net Cap rate of appx $80,000 for YE 2021 of $80,000 divided by $150,000 of appx 50%.
If I rent the 7 extra spaces to owners at $250-$300 per month with no outlay for unit purchases gross income would be $1925/mo x 10+ months or $23,100 for the year for an estimated cash on cash return of $23,000 plus $90,000 for lot and home sales would be $113,000 divided by $150,000 or 75% for Y/E 2021 but continuing revenue for Y/E 2022 would be only $23,000 vs $50,000 for 1/1/22 and beyond.
I am also willing to PARTNER in a Joint Venture with an investor that wants me to use my staff and financing sources and rehab/maintenance sources for a cash investment of $75,000 to purchase 1/2 of the business from me plus a loan to the partnership of $60,000 for RV Purchases and Rehab to be repaid at time of sale or from 1/2 of net monthly rental income or sales revenues until paid in full. I can manage everything including park, cleanup, home rehab, collection of rents- financing two tenants there now to purchase their lots so they can own their own lot and home at the same rate they are paying for rent currently.
I am also a mobile home dealer that can provide new or used RVs and mobile homes at wholesale pricing if buyer or partner desires
There are three community colleges in the area with a shortage of housing for students providing high demand for housing in the greater Dothan, Alabama Area
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