Looking for trailer park cash out refinance
6 Replies
Myles Daniel
posted over 1 year ago
I recently bought a trailer park that the owner let go to ruin after her husband died two years ago. There are 11 lots and I’m currently renovating 6 of the existing trailers. The others need to be trashed.
I paid 100k for the park, which was an amazing deal. However, I’d like to use some of the cash that I paid for the park to buy more mobile home for the other lots.
Not sure I can find a local bank that is interested in this, but hoping someone on bigger pockets would be. I don’t have tenants at the moment, but will likely have some in 60 days or less. Please message me with any questions or input. Thanks
Bruce May
Lender from San Diego, CA
replied over 1 year ago
@Myles Daniel you might have better luck securing investors who would pay for new or used trailers and retain the financing for your park's tenants. Where is your park located?
Rachel H.
from San Antonio, TX
replied over 1 year ago
@Myles Daniel You can try attracting other investors willing to haul and setup mobile homes on your lots. Mobile home dealerships are a good source of referrals. They may be able to refer you to some other mobile home investors and/or homeowners who may want to set up their mobile homes on your lots. Another option is to find private lenders and/or partners willing to work with you. Hope that helps!
Jason Ray Richardson
Rental Property Investor from Brookhaven, MS
replied over 1 year ago
So do you have any tenants currently?
Nasir El Ameer
Lender from Los Angeles
replied over 1 year ago
This deal can get done even without the tenants just need to know the value and dollar amount you are looking for in equity.
Myles Daniel
replied over 1 year ago
Originally posted by @Jason Ray Richardson :So do you have any tenants currently?
Not yet. I should have 2 in the next 60 days. Currently renovating the trailers.
Taylor Chiu
Real Estate Agent from Salt Lake City, UT
replied over 1 year ago
Have you considered getting financing for the new homes instead? I know Frank Rolfe has mentioned a certain program that will do this. I think it is called 21st Century mortgage or something like that.
You would end up being the lienholder, but in the case of tenant didn’t work out then you could evict them and just put someone else in their place