Details - Information last confirmed on February 18, 2021
I have paid to have the entire park subdivided so I can sell land and home packages in the park or use our spaces for rentals - I just sold our first lot and home for a total of $39,000 with $10K down and am carrying the balance for 13 years at 8% producing $300/ month to me - That netted me $7000 after the $3000 rehab costs.
We currently have tenant owned homes that are currently paying $300/month or $1200/month- In addition we are rehabbing 3 additional units to sell as land home packages for $35,000 ,45,000, and $50,000 respectively that we can finance ourselves with min $2500 down with above terms or cash them out by financing thru 21st Mortgage. Therefore our minimum cash flow February for rent or mortgage payments should be $2400
We have a total of 13 spaces with utilities in front of the park that are surveyed to sell as land-home packages so we need to purchase, rehab and install 5 additional units to sell out the front portion at an estimated cost of $8-10K per unit or $40-$50K home packages.
In addition we have room for 25 additional spaces in back of the park that we can develop with utilities for Appx $3000/space or $75,000 total to make available for renting spaces to tenants bringing their own homes in for $300/month. When developed that would produce additional revenue of $7500/month at no additional major costs to me for a total payout period of only 10 months.
Therefore when the park is totally developed out over the next year the projected gross rental or mortgage payment income should be 13x300 or $3900 plus $7500 or $11,400 /month or $136,800 per year less estimated total expenses of $2000/month or $24,000 annually thus netting appx $110K per year with a total market value of appx $750,000 to $1 Million.
I also own another Small Park in Marion AL that has 13 spaces with four homes with city water and sewer available that I I have listed for $175,000 with assumable owner financing of $34,000 at 6% interest for 7 years that I would like to sell as a package with Selma
Finally I own a 3rd park in Cowarts, Alabama near a Community College that needs housing with 13 spaces and 3 homes that I have listed for $150,000 cash for that I would like to sell as a package with Marion. This park has city water and septic system with all hookup for the lot in place and three community colleges in the area that need student housing if that is a model you would like to pursue.
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