I am in Michigan and have come across an opportunity, my background is in construction management, and managing properties. The oppportunity is one i have not considered prior. the ad reads like this Mobile Home Park 52 sites Grosses 100,000 big upside, needs work 345,000. I called the owner and asked the location etc, and he says there are 10 sites down currently, and the park needs work, he is an out of town landlord about 40 miles away from the location, and doesnt sound like he will be easy to work with. He says he has owned the park for 12 years. and he is looking for around 70,000 down??? Can any one help me with a creative way to get into this property w/ not alot of money, perhaps an investor contact??? thank you so much deal was listed 4/10/ 05
You need to find out what much the park value is based on CURRENT income, expenses, repair(s). Does it have any upside in rents or other income?
Find out what the seller wants and how motivated he is, why he is selling?
How did this “opportunity” turn out for you Michigan?