HELP. I own a lot I. 55+ Mobile home co-op

HELP. I own a lot I. 55+ Mobile home co-op

Member since 2020 · 8 posts · 1 vote

This all is very new and out of my wheelhouse.

I own shares ($35,000) in a mobile home community (empty lot) in Tampa, Fl; I am in the process of putting a home on the lot and need help knowing how to finance the deal.

Do I pay for the mobile home with cash and then refinance?

Is there a way to use my shares to pay for the home?

I also need some help with the smartest exit strategy;

Do I flip the whole project?

Do I rent it out?

Do I seller finance it?

I am looking to make the smartest financial decision here. I've never dealt with a mobile home or a co-op style real estate investment.

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  • Property Manager · Denver, CO · Member since 2020 · 12 posts · 3 votes
    5y

    @Kimberly Costello Hi Kimberly, my father & I are 2nd & 3rd generation mobile home park owners in the Tampa area. We would be interested in possibly purchasing this from you in the near future (or whenever you decide you would like to sell). Feel free to shoot me a message so we can discuss further.

    Thanks!

  • Member since 2020 · 8 posts · 1 vote
    5y

    @Kathleen Sedita

    Hello,

    Are you interested in the lot with or without the home on it?

  • Member since 2020 · 8 posts · 1 vote
    5y

    @Kathleen Sedita

    Just to clarify, this is only one lot that holds a 14x38 park model home on it.

    Right now, I'm in $35,000 for the shares.

    This Saturday, I will be purchasing a home for the lot

  • Investor · Tampa, FL · Member since 2016 · 679 posts · 288 votes
    5y

    Kimberly Costello you are about to grab an Alligator by the tail. We are at the top of the Market...Sell, sell, sell.

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