Looking at buying my first park. Small midwest town of under 2000. Good stable park, but only 21 spaces.
Looked at the CASH program from 21st Mortgage but apparently this is too small of a park for them to consider the CASH program.
So what have others done to infill parks?
Is it worth buying new units, financing them one by one and then selling them straight out with traditional financing (21st mortgage traditional financing, or other lenders). Or is it better to buy used units and keep the budget down, and resell those on a rent to own option?
When you buy good used units you get a faster and better ROI. What is the local market like for used mobe homes 2000 newer? Are their any regulations about replacing older mobile homes? Do you have any local banks that have a inventory on bank repos? Look at FB marketplace and craigslist. I am considering buying some new models but I have purchased used mobile homes in the past and done very well.
I’m looking for someone who has “cracked the nut” around infilling MHP spaces. The barriers for u are $ and limited expertise and I’m looking for strategies and solutions to overcome both. Have you been successful or can you refer me to someone who has so I can connect with them?