Hi I am curious if anyone has any experience and knowledge with mobile/manufactured home parks. Also any crafty ways of financing them? I am a realtor who predominantly flips houses, but and looking to diversify a bit. Have found several deals, but looking for some more information before pulling the trigger. Thanks in advance!
@Michael Palma Mobile home parks are second ONLY to storage facilities with ease of financing. That's ironic because financing a single mobile home is a daunting task. The financing isn't necessarily crafty unless you're hoping for very little money down - otherwise it is a standard commercial loan where rate/LTV will depend on the park, your experience, and credit.
You'll want to know pad rental $, # pads, paved or gravel roads, size of park, and a few pictures will help us (or anyone) determine your best options. Gravel or dirt roads with unskirted trailers fall in the unfavorable side. If the seller discloses the # units park owned that will help nail down a rate/program too.
Good luck - feel free to reach out if I can answer a more specific question I may not have addressed.