I have a mobile home park, I need to replace several of the mobile homes in the park. We previously had several tenant owned trailers that we now have ownership of but due to age and condition, we want to just replace and have them be park owned. I am having trouble finding any options to finance. Any suggestions are appreciated
Hi! What companies have you found so far?
I am following as well.
Why do you want to own the trailers? You have insurance, maintenance, property tax, Insurance on trailers taxes, additional labor to work all the time on them and mostly at your cost, unless damaged by tenant. Trailers seldom move. Once on the property they stay until they get hauled to dump, usually. People move out and can’t afford to move trailer so you buy it and then fix it up and sell it again. You can sell it to a company like 21st who will make you co-sign but most people pay their mortgage and when they own it they are responsible for upkeep, repairs, cutting the grass etc. Perform monthly inspections to keep an eye on your property and charge them for damages if you see them.
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Triad and 21st Mortgage have programs for in park homes.
We have used 21st. Have not used Triad. Do you have experience with both? Who do you prefer and why>