I’m looking for some help on putting together a deal on a couple of Mobile Homes from another investor. The homes are in a mobile home community where you own the Mobile Home and the lot unlike most parks where you just own the home. The current owner is gradually retiring, so he is interested in selling but is not motivated enough for a low cash offer. He is asking around $6000 a piece for the homes which includes home and lot. Both homes will require some rehab work to get going again but nothing too extensive. If I sold the homes on payments, I could get $450 per month for one and $550 per month for the other. There would be no lot rent, just $30 in association dues to the community and $15 for trash.
I would like to submit multiple offers to the owner that would require less cash out of pocket.
Can anyone provide a couple of options? I could buy the homes and rent the lots from him, but I would prefer to get the lot and homes in the deal. Thanks in advance.