Hi, I have a potential deal for a house with 7 mobile home spaces available, planning to use hard money lender and my question would be, Will BRRRR strategy still apply? I am just unsure if the amount of land and preparation for these mobile homes will be considered comercial. Any advice?
You'd need to talk to some banks in your area that you will try to use to refinance and see how they view it. Many banks it would be a no go because of the size of the park and they don't want to loan on the homes themselves. If you have relationships with banks in the area that you could potentially sale on the value that you will be bringing maybe it will work.