Mobile home park financing

7 Replies

I have a 14 unit mobile home park that I bought through an owner finance deal last year. Most of the units are older mobile homes (8 units), some stick frame house (4 units) and 2 spaces that I rent out. I am looking into refinancing the park but realize I made a major rookie mistake, in that I bought the park without any list of serial numbers of the individual homes. The man who started the park died recently which made it possible for me to purchase it, but he had no records whatsoever. He was an old school investor who ran it very poorly and died at the age of 95. I'm in a pickle when it comes to financing... the bank I'm working with won't lend unless I have titles for the trailers. This problem came up when the banker looked at the tax roll and saw that only 6 of the homes are listed (cheap taxes lol)... I tried getting the serial numbers off the homes, I found most of them but one is barely readable and another can not be found at all. What options do I have? Would a hard money lender be the best route? I'm open to opinions.

It brings in good monthly cash flow and I really enjoy working with this park.

This post has been removed.

@Ethan Castleberry I would think that there must be a way to apply for a new serial number, just as you could for a utility trailer or car. Have you looked into that possibility?

This post has been removed.

This post has been removed.

This post has been removed.

Ethan, its interesting your bank cares about the serial/VIN numbers of the individual homes if you own the mobile homes. We have done bank financing and they never ask us about serial numbers even of the homes we own. If its just a couple then you can go through your county to get a new title (exact same process as replacing a car title). Some counties make it easy but others very difficult. Good luck and I'm interested to see how it pans out!

Originally posted by @Ethan Castleberry :

I have a 14 unit mobile home park that I bought through an owner finance deal last year. Most of the units are older mobile homes (8 units), some stick frame house (4 units) and 2 spaces that I rent out. I am looking into refinancing the park but realize I made a major rookie mistake, in that I bought the park without any list of serial numbers of the individual homes. The man who started the park died recently which made it possible for me to purchase it, but he had no records whatsoever. He was an old school investor who ran it very poorly and died at the age of 95. I'm in a pickle when it comes to financing... the bank I'm working with won't lend unless I have titles for the trailers. This problem came up when the banker looked at the tax roll and saw that only 6 of the homes are listed (cheap taxes lol)... I tried getting the serial numbers off the homes, I found most of them but one is barely readable and another can not be found at all. What options do I have? Would a hard money lender be the best route? I'm open to opinions.

It brings in good monthly cash flow and I really enjoy working with this park.

Hey Ethan.  Hope all has been going well. How did this situation pan out? I may end up  in a similar situation and wondered is all. If there is anything I can do to help out just let me know. 

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here