Pine Ridge Mobile Home Park

 

It is the goal of Pine Ridge Mobile Home Park is to create a business that provides families with energy efficient, clean, safe, and affordable home. While providing the Owner with a steady income to support his family. 

 

Delaware County is a repressed county in Upstate New York. The need for low-income housing is great. The Owner works with Section 8, HUD, and Social Services. The owner receives 2-3 phone calls weekly inquiring about the availability of housing. This is without advertising. 

 

The Park is an existing mobile home park located at 93 Pine Ridge Lane, in the town of Davenport, county of Delaware, state of New York. There are 20 mobile home rentals. The Owner owns 19 of these and 1 being a lot of rentals. The Park was originally excavated and planned for 30 sites. The owner planes to renovate the existing 19 Sites, before considering completing the remaining 10 sites.  The expected gross rent roll for the 11 livable sites is $72,852.00 annually as of 2021. This does not include late fees, withheld security deposits, or miscellaneous income. 

 

Mobile homes depreciate in value, but they do not depreciate in rental income potential. The Park will generate enough positive cash flow to cover both the interest and principal payments for an investor. 

The financing will be used for the following:

·         Remodel the 8 non-livable mobile homes

·         New roofing on water pump house, new water pressure tanks

·         Update waste lines for the whole park 

·         Necessary improvements to the currently rented sites

·         Proper drainage for the park road 

·         Tree Removal 

Mr. Mace purchased the mobile home park at the end of 2014, he did so with no working capital. His plan was for the park at this time and now is to provide quality housing for low-income families. Mr. Mace is a family man himself having a large family of his own he knows the need and hard ship that low-income families face. 

The Park is run primarily by The Mace family. Mr. Mace has owned and ran a successful flooring business (Mace Installations) for over 20 years. Mr. Mace does all repairs himself. He is a welder by trade, and is a skilled hardworking laborer, and entrepreneur a good combination for this type of business venture. Through his expertise, he will be able to provide affordable housing for low-income families, and at the same time generate income.

Mr. Mace has evicted all known non-paying, disruptive, criminally- minded tenants. He has already renovated making energy effective 2 of the 19 existing mobile homes.  Mr. Mace made some necessary repairs to the park road this past summer. Improvements will allow more low-income families to have energy effective housing at a lower end rental rate. 

Mrs. Mace assists with office work and repairs for the park. She has her water and utility certificates and certified in Human Resources for management for the park. Mrs. Mace is in the park office most days or is easily contactable for tenants.