All Forum Posts by: Matthew Arreola

@Chaitanya Phansalkar, congratulations for getting a deal locked up. I've found the best terms by calling all the smaller banks and credit unions in the area. Ask to speak to a commercial mortgage officer, then ask them if they loan on mobile home parks. Should only take an hour or two to identify the banks willing to loan on your property.

@Isaac Rayne,

You should start by reading this: https://www.mobilehomeuniversity.com/articles/why-...

If you still want to go forward: contact city/county zoning to make sure a mobile home park can be built on the land you're considering. They'll also tell you the maximum number of homes per acre, minimum street width, and other restrictions. The utility companies serving your area can tell you what the connection costs would be. As mentioned in Frank's article linked above, you're looking at a significant expense if you have to build private utilities. Then you'll need a development plan showing where the roads, utilities, and homes will be. From that, you can get estimates to build your roads and utilities. Then you need to price out locally available new or used homes and get quotes to move them in. 

It's a long, expensive process with no cash flow till you're done. That is why most of us choose to buy existing parks.

I wouldn't buy a park with a lagoon unless you have a clear exit strategy for when it fails: city sewer available and affordable connection fees

The buyer loses any equity upon foreclosure. Same for accrued rent credit on eviction. Be sure your rent credit agreement specifies this.

if you don’t do a Phase 1 and contamination is found on your property, you could be liable for cleanup and possibly damages

I would value them somewhere between zero and $1500, depending on condition

neither is illegal. You'll just have a very hard time finding a lender who would loan on a non-HUD mobile home. Not an issue if you're planning to hold the note yourself, rent-to-own, or straight rent it out.

@Brian T. Allman, click on the person's name or photo to go to their profile. 'Message' option is top right in their banner. 

MobileHomeParkStore has a page of lenders. Fannie and Freddie also have lists of their lenders: 

https://www.fanniemae.com/multifamily/manufactured...

http://www.freddiemac.com/multifamily/lenders/

Thanks for the input, all. I'll talk to @Jared Bouzek and a few other lenders. If I find a great rate or terms, I'll let everyone know on this thread, @Ari Ferguson

Hi all, 

I'm looking to pull some cash out of a duplex and SFR by refinancing. I've owned both for quite a while, so there's no seasoning issue.

The first loan quotes came in at 5.5% APR on a 30 yr fixed with 1.5 points and over $1,000 per loan in lender fees. The lender can only do 70% LTV on the duplex and 75% on the single family.

I've read in other posts in this forum that something closer to 0.5% above the owner-occupant rate is typical. Before calling every bank in the phone book, I'd like to see if anyone has recommendations for lenders that do business in Colorado who offer better rates, lower points and fees, and/or higher LTV.