I am beginning a search for my first mobile home park. Please forgive my ignorance as I have tried looking through the articles here, but found they are 99.9% advertisments for products rather than actual tools of knowledge.
Is 6% rotten? I’ve seen ads for 5%, such as this one:
“Excellent assumable mortgage (balance approx $840,000) It is 5% interest for 27 more years, monthly payment is $6092 which incudes taxes and insurance. Take it over with $75,000 down.” This one says it is owner financed, so I’m a bit confused. Asking price is $915,000.00. I am assuming that the owners did not keep this property for long or that it has turned into a bad investment for them and the equity has fallen. I will ask the Agent, but I doubt I will get the whole/real story.
I am only looking in southern Florida, no more than a few hours from where I plan to live.
I’m not planning on flipping a park. I’m also not planning on living in one.
I’m seeing a lot of ads for owner fincanced MHP’s. What does this indicate to you?
Also, if a sale ad does not have any photos, does that mean that the Agent is too lazy to take photos or that the place is such a dump, it’d be best not to? Which has mostly been your experience?
Thanks in advance.