Looking for trailer park cash out refinance

6 Replies

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

@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! 

@Myles Daniel

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