MHP Deal
I have a great deal on a 10 unit MHP and all are owned by park. They are all rented and have mostly long term tenants. The cash flow is EXCELLENT. Believe this, that after all expenses minus 25% for maintenance and vacancies it still cash flows well. After expenses $23406 and if you take a 25% for maintenance and vacancy you still have $17500. And he even has repairs added in to expenses, I am just showing more to show the cash flow still there.
As you can see the cash flow is great. The problem I am having is lenders that have corresponded with say noone wants to work on a deal less than $100K. I have it under contract for $76.5K. Any suggestions or advice on where to go or some creative ideas. I am sure owner is open to creative ideas and I also have another 12plex apt unit under contract with him.
Thanks in advance
Hello
Are both properties in the same county?
If yes, you have an option with a blanket commercial loan.
Thanks
Edd
Quote:
On 2005-09-06 08:29, RobertR wrote:
I have a great deal on a 10 unit MHP and all are owned by park. They are all rented and have mostly long term tenants. The cash flow is EXCELLENT. Believe this, that after all expenses minus 25% for maintenance and vacancies it still cash flows well. After expenses $23406 and if you take a 25% for maintenance and vacancy you still have $17500. And he even has repairs added in to expenses, I am just showing more to show the cash flow still there.
As you can see the cash flow is great. The problem I am having is lenders that have corresponded with say noone wants to work on a deal less than $100K. I have it under contract for $76.5K. Any suggestions or advice on where to go or some creative ideas. I am sure owner is open to creative ideas and I also have another 12plex apt unit under contract with him.
Thanks in advance
Yes both properties are in the same county, but I am not familiar with blanket loans. Please elaborate
Thanks