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STABLE CASH FLOW MOBILE HOME PARK SELLS IN KERN COUNTY

A Kern County Park located in Rosamond, CA mobile home park was for sale was sold and completed on October 19, 2009 for $750,000. Vince Reynolds and Norman Sangalang of MHRV Advisors represented the buyer in this mobile home park sale.

The park consists of 28 mobile home sites with 11 park owned homes. Rents in the park are $300. Tenants pay for gas, electric and trash, water and sewer are included in the rent. The park is serviced by well water and a septic sewer system. Amenities at the park include a laundry room, swimming pool and a playground. The 11 park owned homes included in the transaction rent for $150 to $300 per month plus the $300 space rent.

Vince Reynolds commented, "Tired of the hassles found in apartment buildings they buyers were looking to make the transition to park ownership. As their first mobile home park purchase, they had looked at just about every for sale mobile home park south of Bakersfield for the last couple of years. The combination of seller financing and the proximity to their home in Los Angeles made this park a great fit. The seller enjoyed the extra income from the park owned homes, but the buyer plans on selling them on contract to the residents as soon as possible. Looking forward they also are planning to do some electrical upgrades and general beautification."

"The buyer was able to utilize seller financing with 26% down instead of a traditional mobile home park loan from a bank. Do to the comfort level we established between the buyer and seller a great long term fixed rate loan was arranged. This helped the buyer offset any trepidation they had about having a number of park owned homes in the park and the seller feel secure about her stake as a the lender." said Sangalang.

   Mobile Home Park Loans & Financing

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