“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: