MOTIVATED SELLER! I bought this park late last year. It was supposed to be a fix & flip but I never had time to attend to it as the park is about 8 hours away from me and I've been overwhelmed with other projects. Now 7 months later, I have an impending move across the country. (Louisiana to Montana) I really just want to recoup on the park before I move. As such, I'm really only interested in cash buyers. This property will not qualify for traditional financing and I have no desire to waste time under contract with someone that is uninformed enough to think otherwise with my move soon approaching. That being said, I'm under no fiscal constraints on this sale. Returning to Louisiana for a post-move close or authorizing POA would be an inconvenience; not unfeasible so low-ballers will surely see their efforts better spent elsewhere. The Park is in need of rehab. If you do not have rehab experience and perhaps even rehab of mobile homes specifically, then this deal is not for you. I have prior experience with typical and non-typical rehabs as well as mobile home rehabs and my projections and that of an acquaintance were about 15-17K for material and labor for a complete rehab of all 10 units. I don't have a "steady" rehab team nor are rehabs my primary real estate focus. This projection would surely be lower for someone that has a regular crew for this sort of thing... There are 10 slips w/ 10 units. The mobiles are all park owned. Only one unit is occupied. I bought it at this occupancy and made no attempt to bring in tenants as it was my intention to rehab prior to bringing to park back up to operation. The second phase of that just never quite worked out :) The park is on city water with a non-functioning well system present. The well system is fairly new but experienced a mechanical failure I have yet to assess. I am told "A nut or bolt fell somewhere it shouldn't have when it was being maintained several years ago...)" perhaps that information will produce an "Aha!" to someone that has experience with well systems - I personally have none... The Park resides on 4.21 acres of land about 1/3 of which is cleared and 2/3 is moderately wooded. It was my intention to utilize a USDA Rural Development Loan to expand upon the park; there is plenty of room to do so. The property is eligible for a USDA loan and the local zoning commission is open to the prospect. So I think this is something to think about if you’re the type that doesn't run from a project. The Park: Situated 35 minutes from Shreveport, Louisiana - The park is just a short drive from all of the amenities one would expect from any large city but quiet and rural appealing to those those who want out of the hustle and bustle of the city. With most jurisdictions barring the zoning of new parks, a mobile home park is truly a unique commodity in the real estate world and the CAP rates just can’t be beat! Jump on this future money maker before someone else does - At this price, it will not last!
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