“Olson & Twin MHP”
51 lots (2 park portfolio)
Grand Rapids, Minnesota
We purchased these 2 parks in May 2021 for $630k with 24 month seller financing. Came with 42 occupied TOHs and 15 storage units mostly occupied. We paid $230k down and are executing another $80k in capex using a combination of private money and company capital. Now we are looking to bring on a long term partner to replace the short term debt. We plan to maintain 42 residents, hitting a $108k NOI by May 2023, refinancing at around a $1.36mm valuation.
Investment Overview:
$180k total capital required ($80k outstanding).
$80k investment = 30% Equity / 10% after refinance.
26% cash-on-cash + Principal back within 24m.
( 13% annualized return )
13% Year 1
13% Year 2.
+10% of any refinance profits (target = additional $6k).
11% Targeted IRR to investors.
10% Equity after refinance = $2k+/y Salary.
10% of sale proceeds if we sell Y5 = targeted $26k
Proforma | DD Folder | Construction
Performance Reports:
“Valencia Village”
53 pad MH & RV Park
Brownsville, Texas
Purchased in July 2021 for $560k on a 24m owner finance with 38 long-term tenants. After $180k down payment, $150k in capex, and $50k in fees, the project called for $380k in total capital. We plan to get to 50 residents and $135k NOI by July 2023, refinancing at a $1.5mm valuation. We already have our bank lined up who held the last note with the seller. We have already added 5 tenants and, based on Asset Performance thus far, we have already increased the value by an estimated $226,000.
“Toledo Estates MHP”
124 pad MHP
Toledo, Ohio
We purchased this park in August 2021 for $2.73mm with a non-recourse loan at 75% LTC, equity partners, and private money. We are now seeking final partners to replace the short-term private money. 75 occupied lots (TOHs and RTOs). We are currently executing $200k in capex and targeting 102 occupied by month 36m, hitting a $430k NOI and refinancing at an 9% cap for a $4.7m valuation.
Investment Overview:
$900k in total capital required.
Investors own 80% upon closing.
(estimated 12.6% annualized returns).
Targeted Refinance: Sep 2024
Investors own 65% after refinance.
(Closed to Investors)
Proforma | DD Folder | Construction
Performance Reports:
2021 | Q1 2022
Features a clubhouse, pool, playground, and newer model mobile homes!
Total Lots....……...... 101
Occupants....……...... 49
TOH...........………......... 2
POH...........………....... 28
Occ. RV..………........... 15
Occ. SFR....………........ 4
Vac. POH.......……….... 0
Total RV Sites.…….... 63
Total SFR....………........ 4
Trash............... Billed to tenants
Management....……….. Owner
Property Size.……..... 32 acres
Electric......………........... Public
Gas............…………......... None
Sewer..........………........ Lagoon
Water..........…………......... Well (Park pays - master metered)
Lot Rent......………........ $145
Market Lot Rent.……....$300
POH & RV Rent.............. $390
SFR Rent...……….......... $395
Annual Gross….......... $179,867
Annual Expenses….... $65,069
NOI....……................... $114,798
Cap Rate...……..…........... 8.5%
EMD Required: $10,000 | Closing: 03/24/2022
RV Park in NW Colorado with 64 lots
Total Lots............ 64
Occupants........... 12
TOH....…................ 1
Occ. RV......…....... 11
Total RV Sites..... 63
Trash.................... Community
Management..…….... Owner
Property Size.......39.52 acres
Electric..........……........ Public
Sewer..................... City Sewer
Water..................... City Water
Park Pays (master metered)
Lot Rent.........…........ $450
Market Lot Rent…....$500
RV Rent........……...... $275
Est Gross.............. $39,600
Est Expenses........ $17,820
Est NOI.................. $21,780
Cap Rate........…....... 5.73%
EMD Required: $7,500 | Closing: 05/24/2022
149 lot MH & RV Park in SE Illinois with 2 tenants. Features City Sewer, City Water, and Public Electric. lot rent with a market of $300.00
Total Lots............149
Occupants.....…...2
Occ. SFR............…2
Vac. POH...........…48
Total RV Sites...…5
Total SFR...........….2
Trash.................... Individual
Management........ Owner
Property Size....... 21.66 acres
Electric.................. Public
Sewer.................... City Sewer
Water..................... City Water
Park Pays (master metered)
Market Lot Rent.....$300
RV Rent..............…..$300
SFR Rent............…..$750
Est Gross............….$1,800
Est Expenses......…$8,100
Est NOI...............….$9,900
EMD Required: $15,000 | Closing: 06/23/2022
27 lot Mobile Home Park in SW Georgia with 26 tenants POH. Features City Sewer, City Water, and Public Electric
Total Lots............ 27
Occupants.......... 26
POH.................... 26
Vac. POH............. 1
Trash.................... Billed to tenants
Management........ Owner
Property Size....... acres
Electric.................. Public Electric
Sewer.................... City Sewer
Water..................... City Water
City bills tenants (individual meters)
POH Rent............. $400
Est Gross.............. $124,800.00
Est Expenses........ $56,160
Est NOI................. $68,640
Cap Rate............... 1.43%
Other Features.......Has one home that needs demoed and infilled.
EMD Required: $5,000 | Closing: