"Diligence is the mother of good luck”
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Build Things That Build Things
How did we find the deal? Everyone’s favorite - COLD CALLING
Location: Minnesota
Property Description at Purchase: The mobile home park comprised 27 lots with mobile homes dating from the 1970s to 2007. Key features included 1 gravel road, 1 paved road and public utilities paid for by the community. Located in a Metropolitan Statistical Area (MSA), that initially boasted over 1,000,000 residents, the metro was later recategorized and reduced to a 50,000 MSA.
Our final projections post diligence.
Our final projections post diligence.
Initial Purchase Price: $400,000
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Financing Terms: A down payment of $150,000, divided between the partners, accompanied by a $250,000 seller-held note at 5% over 25 years, with a 7-year balloon payment.
This is a very inward looking way to think and the best way we’ve found to make a business successful is to look outward at who you can help. So who did this deal help?
Me: This isn’t a charity the first person this deal helped was me
Partner: Second person it helped was my partner who wouldn’t have been a part of this deal without me needing more capital
Father-In-Law: Earned a consistent return (the loan was very favorable and helpful to me also)
Seller of the Property: No longer has to worry about an asset he doesn’t want to manage