Buying homes to fill the park


#1

we are trying to fill our mobile home park in indiana. we need about 20 homes out of 65 total spaces. we came to the conclusion that we would like to fill it with 3/2 singlewides. we have talked to several manufactures and can purchase for a little over 20k a piece. My question is what is the best way to finance this project. we are thinking of bringing in about 3 or 4 at a time. has anyone done this before? and what type of rates and downpay on each should i expect if i have excellent credit?

any help would be appreciated

thanks in advance

Brian


#2

I too would be interested in this


#3

Are these homes vinyl/shingle or metal on metal. In our area banks are staying away from traditional (metal/metal) homes. Who is the manufacturer?


#4

check out www.21stmortgage.com - they have programs designed to get the job done. Also, check the webcast of Clayton Bank & Trust on this website. Local Banks are another source, Private Lenders, Associated Dealers Inc. does some floorplan type agreements for dealers without access to their own floorplan lending.


#5

Brian,

Have you considered buying used homes?


#6

Business opportunities have an uncanny knack of appearing when your cash flow is at it


#7

Brian,

I saw Corey address this topic at the Orlando MHM. His suggestion was that you use private money to fill the empty spaces in your park. Either bringing in used MHs or new ones- but use borrowed funds from friends and family who want a good return on their money.

Personally, I think that $20K for new SW 3/2 homes including moving and set up is a good price. Based on the two markets I’m most familiar with, that’s nice.

As park owner, your goal is to fill your park. So what if someone else makes a nice 15% (or higher) return on MHs that come into your park? That’s my attitude, anyway. I would offer to service the underlying loans for the investor, handle all issues related to selling, and guarantee payment until the investor was paid off. Get the park filled.

Do check out repo opportunities in your area as well.

good luck, Anne


#8

Check out a company at TAMMAC.COM. The rep says they are doing chattel financing on used homes.

Rolf


#9

I am filling my park by buying used homes, selling them on notes and selling the notes to get my money out. This works but it is slow, how do you find hard money for this?


#10

Friends, family, business associates and people you meet at networking events.

As a park owner it should be relatively easy to approach people about lending you money- they can see you’re the real deal. I bet if you asked 100 people you would find 10-15 who were willing to give you the funds you need, and when you do as you say, more will step up.

good luck,

Anne


#11

Post Edited (03-20-08 17:02)

Kratoid,

What is your contact #

Post Edited (03-20-08 17:09)