Description Of Property: This Park was one of our most exciting park purchase; we wanted to buy this park for many years and finally were able to buy it. At the time of purchase, we realized how incredibly bad their mangering system was. Because this park is centrally located, we knew there was a great market for selling homes to tenants. The previous owner was renting homes instead of selling them, they also weren’t charging late fees, and for whatever reason had 45 people paying 50 dollars less of rent per month than the rest of the park. Within the first 3 months of ownership, we raised the rent on those 45 people so that the all tenant were paying the same amount of rent. We turned all of the rental homes into buyers of their homes, creating over $150,000 of loans on the homes. By also adding late fees that were never charged before we have trained our tenants to pay on time and added $1,000 of income. There were 7 vacant spaces, are 20 vacant trailers that needed to be rehabbed upon purchase of the park. We have sold every home on the park and need to move in 2 more homes in order to be 100% occupied. The previous owner was collecting $43,000 a month; today we are regularly collecting over $54,000 a month and still have room to increase our income. All of this work was done in our short ownership of timeline of 6 months. This park has great debt on it and will be a great long-term cash flow investment.
