Mobile Home Park
In November 2019, the Keel Team and investment partners purchased an 80 lot mobile home park in western Iowa for $1.4 million.
Original Acquisition Price
November 7, 2019
Initial Cash Investment
Through improvement initiatives such as: filling vacant pads, removing run down homes, converting utility payment from park paid to tenant paid, modest lot rent increases, and others, we were able to improve the park operations, increase NOI, and achieve a significant value increase. The financial results of these efforts are summarized below:
Recourse debt for both partners.
Cash flow distribution
On July 2020, the first cash flow distribution was $27,256.30.
Cash out refinancing event
On March 11th, 2022, the first refinancing event occurred.
Investors received $1,205,640.32 from the refinancing event. The new debt is non-recourse, Fannie Mae agency debt.
Preferred Distributions Paid Monthly
Future Potential ROI Opportunities
Infinite returns since all of the original equity investment has been returned, yet we still own the MHP.
Additional supplemental loan available 12 months after refi (possible additional future return per refinance loan terms).
Forced savings of approximately $1,508,000 due to the equity remaining in the property after the March 2022 refinancing even.
Additional potential equity appreciation as the MHP continues to increase in value.
Interested in learning more?
Get in touch with us today to learn more about mobile home park investing!
LEGAL DISCLOSURE: All investment offerings have a high degree of risk. Results may vary. Past performance is not a guarantee of future success.