Mobile Home Park With Cash
I've found a mobile home park with 9 mobile homes (owned by the park, not the tenants) and a house on the property. Each unit is rented out month to month at about $350 per month. The rent roll look a little sporadic. ranging from about 60% occupancy to 85% occupancy. Its $150K. I've got the cash to purchase it, but I don't want to tie all my cash up in that investment for long. Is it relatively easy to do a cash out refi on a mobile home park, or should I seek to just purchase with a loan. I've only owned 1 rental property before, and I've also rented out rooms in my home. Is it a good step to move to a mobile home park? Or should I do something else before moving into a mobile home park?