I’m trying to save up enough money to buy my first MHP; probably something with 10-20 units. Since I’m on a tight budget, I will probably need to get something pretty low-cost (down payment probably only $20-30K or so), and I am concerned that I’ll end up buying a lemon if I do. What are some of the biggest red flags I should look for when buying a park? What type of park do you think would be best for me? I saw someone had suggested to another young investor that he buy a park with all city utilities because that would save him a lot if the utilities broke down. What a great idea! It’s those kind of tips I’m looking for. Any advice would be greatly appreciated.
Also, I am pretty concerned about trying to get a mortgage or financing for a park. It seems that banks aren’t friendly towards MHP investors. I am almost certainly going to need a mortgage of some kind and I am just not really comfortable with the idea of owner financing. Where can I go to find financing? If I do decide to go with owner financing, what should I look out for?
I’ve already learned a lot from the forum and the newsletter. What an excellent resource!