So I just bought a mobile home park with a car loan..
Hey BP, I am excited to share my creative finance story on this deal I just wrapped up. So the mobile home park details are as follows:
Purchase price: $110K
13 homes, 2 lot rent and 11 park owned.(2 vacant units)
City water/septic
Rent: $200-450
Auto Loan 20%down, 7.75% for 6 years full amortization.
The payment is kinda high but I like the idea of having it paid off in 6 years. This local bank proposed these terms and I accepted. It was by far the easiest loan process I’ve ever done. So now I own 2 mobile home parks, a duplex, and my single family home. The wheels are starting to spin faster and I’m building momentum. Please respond with comments and questions.
Brandon