Making money as a real estate investor
Hope all is well. I wanted to share with you that I am selling the park in Floresville (the 10 unit you helped us buy); it was under contract in under a week on mobilehomeparkstore.com, and thought you might be able to use it as a case study or talk about it in your meetups for more business for yourself.
I know you are more into just owning the dirt on MHPs versus lot and home rent, but this will help someone break into MHPs and commercial real estate like it did for Jorge and I. It’s also a way to do seller financing on steroids. By that I mean we are getting all our investment out, cash flowing while owning the park, and will continue to cash flow for us ($3,200/mo) for the next 30 years more passively.
Bought: $200k with $30k down. Financed $170k @ 10 years for 6% interest for $1,887/mo
Selling (under contract): $567k with $50k down. Financing $517k @30 for 6.5% interest for $3,267/mo.
Posted by: Jim Glasgow