[propertyman]

Have three MHPs under contract in S. Minn located miles from a college town of 60k. There are 191 lots with 80 currently rented at $220 to $260/mo. The seller of the free and clear parks thinks they're worth $2.8 million but would take $2.4 if purchased together. Ready to retire, the seller is not interested in carrying any financing. Income is $309,341...expenses of $107,198...net $202,143 or a cap rate of 8.4% at the $2.4 price. Trying to find a way to get a better price with this seller. Got him to agree to take $1 each for the smallest park and some 20 notes he has on homes he's sold to tenants. The notes are valued at $237k and the small park at $450k so it would mean instant equity of $687k. To get this deal the buyer would still have to pay $2.4 million. If you subtract the equity from the $2.4 the cap rate goes to 11.8%. Does this make any sense? Any other options here? I'm looking for a buyer and will take a finder's fee for putting it together. What do you think Ray?