Sugar Land, TX · Member since 2015 · 8 posts · 1 vote
My partner and I have been looking into investing in Mobile Home Parks for about a year and I think we have found the one we like near Houston. We are from Houston area and already have a rental and wholesaling business here. We have got this park under contract just now and are looking for recommendations of lenders/banks that finance Mobile Home Parks.
Investor · New York, NY · Member since 2016 · 224 posts · 333 votes
8y
@Chaitanya Phansalkar I have had success with local banks for MHA acquisition loans under $1M. I recommend joining the the Texas MHA (www.texasmha.com) and contacting members who are bankers. You can also try Pierce Redmond at Security Mortgage Group (http://www.securitymortgagegroup.net/). He has national lending sources who frequently lend on MHP’s.
We’re looking to grow our portfolio in the southwest and the southeast. I’m curious how you have been generating leads in Houston. I’d love to chat further about your acquisition activities.
Sugar Land, TX · Member since 2015 · 8 posts · 1 vote
8y
@Brandon Turner Thanks for inspiring me with your search for Mobile Home Park search and the knowledge you have shared over the year talking about it on the podcast. That and another investor Kevin Bupp that came on your podcast has made me look into this investment option and now we have a park under contract.
Rental Property Investor · Honolulu, HI · Member since 2016 · 15 posts · 10 votes
8y
@Chaitanya Phansalkar, congratulations for getting a deal locked up. I've found the best terms by calling all the smaller banks and credit unions in the area. Ask to speak to a commercial mortgage officer, then ask them if they loan on mobile home parks. Should only take an hour or two to identify the banks willing to loan on your property.
Investor · New York, NY · Member since 2016 · 224 posts · 333 votes
8y
@Chaitanya Phansalkar I have had success with local banks for MHA acquisition loans under $1M. I recommend joining the the Texas MHA (www.texasmha.com) and contacting members who are bankers. You can also try Pierce Redmond at Security Mortgage Group (http://www.securitymortgagegroup.net/). He has national lending sources who frequently lend on MHP’s.
We’re looking to grow our portfolio in the southwest and the southeast. I’m curious how you have been generating leads in Houston. I’d love to chat further about your acquisition activities.
We used Wells Fargo for a mobile property in Conroe, about 40 min North of Houston. Insurance is even harder to get, I think we used farmers friends or something like that. Also make sure the seller has the proper trailer tie downs or you will get stuck with a 2,000 upgrade like we did.
Sugar Land, TX · Member since 2015 · 8 posts · 1 vote
8y
@John Jacobus Thank you so much for your response! That’s a good information. Yes the property we are buying is under a $1M and I have just started contacting local banks. I came across a company called ‘Direct Commercial Funding Inc’. They have sent me an application to fill out. But so I only have 1. So, I will keep y’all posted as I get more information.
Also, i would love to connect and chat about acquisition strategies. Do you normally just PM each other phone numbers to get started?
Sugar Land, TX · Member since 2015 · 8 posts · 1 vote
8y
@Jeff Cragar Thanks a lot for this information and a great tip! Did you deal with someone specifically when getting this loan? Do you remember your loan officer’s name?