I’ve got high credit scores, about 20 years RE investing experience, and a solid history with my loans on SFRs, duplexes,etc. No missed payments, etc. I’d like to get into a park and borrow about 2/3rd of the purchase price.
The one thing that worries me is that the one park I do own had about a an 18 month rough patch that we are just now pulling out of. 2016 was pretty nutty. So many turnovers. Some of these folks perhaps were ticking time bombs from a previous time when screening criteria were lower, some were evidence of the opiate epidemic. I hate to make excuses, but I honestly don’t know what I would have done differently. I’ve got the same manager couple as the previous owner, same tenant pool,and the park did perform quite well for the first 9 months or so.
Anyway, the question is: if I try to buy another park, this time with a commercial loan, how interested in my current park’s performance/books will the lender be? Wondering if I just need to sit this one until I’ve got a couple solid, recent years in the rearview mirror.