Looking for MHP financing - Posted by Bret

Posted by Brian, WI on February 08, 2002 at 03:21:44:

How did you find these parks?

I’m in the midwest too, Wisconsin, and from where I’ve checked, can’t find any parks close enough to buy, much less at the prices you have.


Brian, WI

Looking for MHP financing - Posted by Bret

Posted by Bret on February 07, 2002 at 23:17:38:

I’m looking for financing for 2 mobile home parks (they are approx 2 miles apart -Midwest location)

1st park = 72 spaces, 50 % occupied, Sales price $305K

2nd park = 78 spaces, high occupancy, Sales price = $450K

Owner may carry small 2nd.

Local bank says they may do 25% down with 15 yr am.
I’m looking for no more than 20% down and 20 -25 yr am.

Any suggestions would be appreciated.


Re: Looking for MHP financing - Posted by lyal

Posted by lyal on February 08, 2002 at 08:03:31:

The first thing you need to do to get a response here is post a bit more info about the parks; income vs expenses, work needed (especially what it would take to get the vacant spaces filled in the first one), is there any “upside” (as in room for expansion, low rents that can be increased etc).
Then the people here will give you feedback on whether or not they are real deals. If either or both are you can tie them up with a purchase contract contingent on what you find out from your due diligence (you can always go back to the seller and “modify” the offer based on your due diligence including asking for owner financing, better price, whatever but it’s important to get it tied up NOW). If you haven’t started due diligence, first search the archives for info on purchasing parks (LOTS of info there as this is discussed often). Next go to the commercial forum and print Ray Alcorn’s article on due diligence for commercial properties. Next go to the “Money Making Ideas” section and print Doug O’s 4 part article on “Turning Mobile Home Parks into Communities”.
Then send an email to Ernest Tew from this forum as he has been involved in structuring creative park purchases for decades. Also send a note to Chuck_AZ from this forum as he has money sources for park purchases.
Let us know how you make out.
All the best, Lyal