Posted by osupsycho (OK) on August 30, 2005 at 15:03:04:
Nothing against Tryon. I think you answered the problem I was getting at:
“a town of like 250 people”
Small Mobile Home Park Financing - Posted by Jennifer
Posted by Jennifer on August 25, 2005 at 23:55:31:
I am looking at a mobile home park that is on 7.5 acres with 13 mobile homes on it. The owner wants $57,000 for the park. The monthly income from lot rent is $1125. Is it possible to find a lender that will loan on such a small amount.
Re: Small Mobile Home Park Financing - Posted by Eric C
Posted by Eric C on August 26, 2005 at 11:06:15:
Hi Jennifer-
Tony (and the other posters) are correct. Small, local banks are best for this type of deal.
Make sure you check out the bank BEFORE you begin asking for money.
A good way to begin is by asking a couple of local insurance folks – preferably someone who does a lot of auto insurance business – they will know which banks loan money and which do not.
And yes, there are banks that make it a practice to make as few loans as possible – hey, everyone’s entitled to pursue their own business strategy.
The point is that while most banks may appear to be the same as the next one down the street - they all have drive-up windows, tellers, ATMs, loan officers, etc. – they are not.
Choose carefully. Develop a relationship with the right bank and you will do very well indeed.
Take care,
Eric C
That the one in Tryon, OK?? - Posted by osupsycho (OK)
Posted by osupsycho (OK) on August 26, 2005 at 10:28:08:
Jennifer I was wondering if this is the same one that is listed in Tryon, OK. The #s are identical to that listing so I would guess it is the one.
It peeked my interest as well but if you look at the Show & Tell paper a little more closely you will see that there is a rental ad from the same people for 2 & 3 bedroom mobile homes $250 mo, no deposit. They are renting the homes out not the lots and they are real cheap. It is kinda funny when they say in their ad for the park that they haven’t had a vacancy in 6 yrs. Yet they are advertising for multiple vacancies a column over?
I was going to go look at this park as well but I am already wary because I know of the reputation of the owner and the town.
Re: Small Mobile Home Park Financing - Posted by Tony Colella
Posted by Tony Colella on August 26, 2005 at 10:11:21:
I agree with Barry, the small, local banks will be your best bet for a loan such as this.
Ask for their commercial loan officer and do not spend time talking to their front office folks. Those folks only know how to say “no.”
Dont’ worry if you get a no. If you get a no, then ask why and if possible correct the problem and walk down to the next bank. Sometimes the banks simply want more info on the property or you. If that’s the case, get it and in time you can find the funding but I cannot stress enough, don’t worry some banks say no. You only need one to say yes.
For those going to the boot camp, this is exactly the type of deal we would like you to bring for discussion and we will work to help you be prepared to present the deal and offer to your bank.
Tony
Re: Small Mobile Home Park Financing - Posted by Barry (GA)
Posted by Barry (GA) on August 26, 2005 at 08:02:57:
Try a local bank. I have had a couple tell me that they would look at such deals, if I could find ones that are worth pursuing.
Good investing,
Barry (GA)
Re: Small Mobile Home Park Financing - Posted by seldon
Posted by seldon on August 26, 2005 at 24:58:34:
am I reading this right? lot rent is only $87 a month? 13 sites on 7.5 acres for 57k sounds good-almost too good.finding a lender should not be a problem.
Re: That the one in Tryon, OK?? - Posted by Jennifer
Posted by Jennifer on August 26, 2005 at 18:28:42:
Yes, it is the one in tryon. Thanks for the heads up. I am still investigating. And what do you have against a town of like 250 people.
Re: Small Mobile Home Park Financing - Posted by Tim (MI)
Posted by Tim (MI) on August 26, 2005 at 05:32:16:
What part of the country are you in.Is this a typical lot rent for your area? I wish I could find 2 of those deals. 7.5 acres … How many additional pads could be put in that space? Why is the lot rent so low? North of me they are asking 500k + for 65 acres that is just zonned for a park , no improvements have been made, just the dirt. Good luck