Hi Community,
I’m working on my first deal in Texas. I’m having difficulty getting lending. Any recommendation on lenders that understand RV parks?
Purchase Price - $1.5mil
Down Payment - 25%
I would e-mail Robert Denninger at M&M. He is a broker, but he does a lot of deals on RV parks in Texas and probably can refer a lender to you.
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Email Sent. Thank you
WTI is $25 per barrel - are you sure you want this park? I love Odessa but I also saw what happened to MHP’s there in 2008 when oil was $30 for a prolonged period.
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Just wanted to comment and agree with others. I would not buy in Odessa during this current slump in oil price. I work in oil and gas and almost moved to the Midland/Odessa area a couple of years ago. The market there follows the price of oil and is likely to tank very quickly in the coming months.
jmazur–I can think of 9 areas of the US from experience would not consider (never a floodplain as to a particular situation). Might be an interesting area to discuss at least from those with +30 years of experience??? or less?? When the 08-09 disaster hit for some park owners in was not a certain location of the USA except a group of residents that had NO MONEY for a rainy day. That group of people is in worst shape NOW and the out come could great anxiety or residents paying no rents for months with no legal way to remove them from POH’s or from leased lots. As park owners do you have a year’s income (may 2 years) set aside for a very rainy day??? It is not a time for park owners to be cocky or it could never happen to me!!! This could be our black swan!!