All Forum Posts by: Jen Bastian

@Logan M. we found a regional bank to finance at 8.18% over 25 years with a 3 year balloon. 

Hi All, We are considering purchasing a 22-space mobile home park in Missouri. The park pencils out nicely, and we were able to secure financing. The only major concern is the very back of the park is bordered by train tracks, and the train runs every 2 hours up until midnight. The tracks are concealed by tall pines so not an eyesore, but I'd imagine the noise impacting the 6 lots closest to the tracks would do someone's head in over time.

However, all homes are tenant owned, and most tenants have lived in the park for 3+ years with no plans to leave. We've spoken to several current and prospective tenants, and they all mentioned the train is a part of life in town, and it does not bother them.

Aside from the train, the location is decent with upward population growth, low unemployment, good schools, and high demand. We ran a test ad and received about 25 inquiries overnight to rent one of the homes, despite the fact that we noted in caps that it's ABOUT 300 FEET FROM A FREIGHT TRAIN....

I suppose my question is, assuming this beauty passes the Phase I, would you consider it a decent investment? I'm always thinking of exit strategy here and am just worried we wouldn't be able to sell the property down the line, despite it checking all other boxes.

Thanks in advance for your thoughts!