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Updated about 1 year ago on . Most recent reply

Diandre Pierce's profile image
Diandre Pierce's profile image
Diandre Pierce
  • Member since Apr 11, 2022

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Diandre Pierce's profile image
Diandre Pierce's profile image
Diandre Pierce
  • Member since Apr 11, 2022
Diandre Pierce
15
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35
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Mobile Home Park Investing

500K mobile home park

Diandre Pierce
Posted

I have a Mobile home park owned by my uncle that has been profiting 84 percent for 15 years consistently. He owns the lot land and trailers . He is selling one to me for 500K. it brings in 5900 a month

I have a primary house I closed January for 600k and it appraised for 900 k


I want to take 150 k out of my house in a home equity loan and then use that 150k as a down payment for a DSCR loan for the other 350K to buy the park

Does my strategy sound logical?

Huntsville, Alabama
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Bill B.'s profile image
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Bill B.
  • #3 1031 Exchanges Contributor
  • Investor
  • from Las Vegas, NV
  • Member since Aug 3, 2013

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Bill B.'s profile image
Bill B.'s profile image
Bill B.
  • #3 1031 Exchanges Contributor
  • Investor
  • from Las Vegas, NV
  • Member since Aug 3, 2013
Bill B.#3 1031 Exchanges Contributor
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  • Las Vegas, NV
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Bill B.#3 1031 Exchanges Contributor
  • Investor
  • Las Vegas, NV
Replied

I believe most MHP owners would tell you to sell of the homes asap and switch to simple lot leases. Eliminate maintenance and insurance costs while almost guaranteeing long term tenants. 

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