Posted by Cheryl Lopez on July 29, 2004 at 20:35:23:
With high percentage of park-owned units (20 out of 29) … your buyer will probably have a high down payment requirement.
But here are 2 lenders that may be able to help you:
BARCALY ASSOCIATES 856-429-4951 www.barclayassociates.com
U. S. BUSINESS FINANCE 866-202-0305 ken@usfinancial.com
Cheryl Lopez
mobile home parks - Posted by Dawn Drog
Posted by Dawn Drog on July 29, 2004 at 15:50:10:
My name is Dawn Drog and I am a mortgage loan officer with Mortgage Network in Columbus, GA. I have a customer that is looking to invest in a mobile home park in Talladega, AL. I am trying to locate a lender that handles mobile home parks. Any help at all would be very much appreciated. Also…the sales price is $220,000 it’s 11 acres with 29 lots…20 of which are owner occupied. Lot rent is $100 each plus there is a house that rents for $500 a month. My customer says that it’s very well taken care of and is in excellent shape. Does that seem to be a “solid” investment? I have yet to broker a mobile home park so any advice would be great. Thank you for your time.
Re: mobile home parks - Posted by Jane Lane
Posted by Jane Lane on September 17, 2004 at 11:02:18:
Mobile homes can never be considered a solid investment. If you want to spend that kind of money, get a real house that will be worth something in 10 years, not a trailor. Any mortgage professional who knew anything about real estate would advise again the purchase of a trailor. Where will that trail be in 10 years?? Probably in a trailor park filled with trailor trash. People with any dignity wouldn’t be caught dead living in a trailor, no matter how much it is worth. People with any common sense would invest their money in a real piece of property.
Re: mobile home parks - Posted by Tim
Posted by Tim on July 30, 2004 at 06:47:57:
I live in the Auburn/Opelika area, & have been looking for a park myself. It’s hard to tell from the info you have provided if it is a good deal. Does the park have city water & sewer? Are the roads paved, are there any amenities? What kind of shape is the house in? Are the 9 lots that are not owner occupied vacant or do they have park owned homes? If they have park owned homes how old are they? If the lots are vacant is the city/county zoning going to allow new homes to be brought in? These are just a few of the items that need to be considered to establish the value of the park. Do an archive search for “due diligence” on this site for information on evaluating parks.
If this deal falls through for your investor would you mind passing on the information? This sounds like a park I would be interested in myself.