Buying & Funding Mobile Home Parks

[Bukka Levy]

Hi gang. I'm wondering if anyone could recommend a path to finding and buying my first Mobile Home Park. I'm seasoned in the Single Family Home market and am very interested in moving up to MHPs. I'm also transitioning to borrowing private money, short term to acquire them, and if I have to go out of state that will make at least three categories I'm new in.

I'm familiar with several courses such as Mobile Home University, etc and Loopnet, etc but would appreciate any feedback on them, or any other route to take in getting started. I'm ready to make a move but I want to make sure I have some idea of what I'm doing without losing my shirt.

I'm also curious how others fund them. How much do you put into the deal? How much do you have in reserve at purchase?  Can I expect to refi to payoff my private loan and get my capital out or is that not likely with MHPs? Any help would be highly appreciated!

[Jo-Ann Lapin]

Firstly it all depends on the park. We recently finianced a mixed use mobile home park in the Central Valley I would say b,c class. The subject for many reasons will never get bank/lender financing however it it a value add cash cow. On this park the right financing is a long term hml loan that fully amortized. They are out there. Let me know if you would like a referral of realtor that specializes in them.