My husband and I currently operate a pet boarding facility and have several rental properties. As we are looking to retire from pet care we have decided to pursue purchasing a mhp. Where is the best place to turn to for financing? We are looking at properties around the 300-400 range and have 20% down. But we are having trouble locating a seller financed property within 2 hours from us. (we are in asheville nc) So that leaves us looking for financing options. Thanks for any advice. You all seem really helpful as I have been reading thru many posts!!!
I live close to that market. Grayson National bank out of Galax, VA is looking to place money in that area of NC. Call them… they are extremely easy to work with and know the industry very well. If you need a contact, PM me. I would also suggest that you expand your search. Asheville & Hickory are examples of mid-level markets that seem to fetch suppressed CAP rates. There are 40 statistical metros in NC and those two have the greatest barrier of entry. Try going after Winston, Greensboro, Charlotte as they are a little more reasonable. As far as NC is concerned, Greenville, Goldsboro, and Rocky Mount have the most favorable comp sales and most reasonable owners.
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To find what you’re looking for, you need to make two adjustments. First of all, you need to enlarge your target footprint from a 2 hour drive to more like 5 hours. That’s close enough that you don’t have to fly, and can leave at 7 AM on a Saturday, get there by noon, and drive home all in one day. I would also expand your horizons to a “region” outside of your 5 hour comfort zone. The more parks you put through your sorter, the better the odds of finding what you want.
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Thank you for the response charles we were looking at trying to find a park with few to no park owned homes and we found one near lenoir but like you said the cap rates are low in that area. I had no idea that was the case for those areas. How far would be reasonable if we are not planning on having onsite management? Thanks