The value a mobile home park may be $2 million for one person and $1.5 million to someone else. Another possibility would be to put it under contract and then in your due diligence you tell the seller that you want to move forward with the purchase but in order to do so and to satisfy your lenders requirements, obtain an adequate appraisal, and/or make the required return on your investment, you need to have him send a rent increase notice out right away so the rates are where you want them at closing. The reality of mobile home parks is completely different from the average person’s initial impression.

Which do you think is a safer investment. We have created a special relationship between entrepreneurs and commercial lenders / investors. Anyway, the park had 94 spaces and each space was separately metered for all utilities by the city and utility companies.

Mobile home parks are terrible places to locate a criminal enterprise. Well, first of all, if you pay the seller in cash, he has to immediately pay tax on the full amount. Real Estate > Manufactured Homes Real Estate > Commercial Real Estate > Other Real Estate.

The truth is that the industry is professional and profitable, and worthy of further inspection from investors. And its availability – at a time when obtaining a bank loan can be nearly impossible – is allowing investors to continue to by when other asset classes are at a near stand-still. This fact has been working its way through the bank circuit for several years now. Mobile Home Notes and Rent-to-Own Agreements. It takes a large investment too in the form of cash and mortgage loan financing.

This could not be further from the truth. Our experienced staff will provide you personalized attention and will structure a program that fits your individual needs. Now there’s no doubt that there are some hillbillies that live in mobile home parks – particularly in the southeast – but remember that even the banjo-playing kid in “Deliverance” lived in a stick-built shack. Think about it this way; the mobile home is built of 2”x4”s mobile home park financing and plywood, just like the framing of a stick-build home. Rather, they serve as a tool in analyzing your situation and in developing the right funding strategy for your situation. In the rent-to-own agreement, I specify that the lot rent is $225 per month(not $200) and after 36 monthly payments of $200 plus lot rent, the home title will be transferred to them.

Dave Reynolds, and his partner Frank Rolfe, rank as the 28th largest owner of mobile home parks in the U.S., with over 7,000 lots. In most cases when you review a sales package for a mobile home park for sale it will not mention any reserve for capital expenditures. In analyzing the financial statements and tax returns, they are often different.

In this book we will only look only at the value of a mobile home park for the typical buyer who will continue to operate it as a mobile home park. Unless you are coming up with the value of a brand new mobile home park or one that is predominately vacant, I do not see any reason to use the cost approach. After all, we should earn something from our expertise mobile home park financing and doing what the owner could have done already. If the park is on the market for $3 million I will probably pass. It’s the same thing that you would want if you were in their shoes. For example, if the current owner is managing the park, then you need to plug in an amount for management and payroll taxes and workers comp.

Bonnie and Clyde would never have survived one shoot out in a mobile home. Loans for mobile home parks financing and refinancing. Easy mortgage loans for financing makes this process quick and simple. Those offer ‘security” to criminals as there is only one way in, and they have masonry walls to hold back the bullets. Authorization letter to pick up mail authorization letter for fax statement sample download on gobookee org free. This point was hammered home in the book “The Millionaire Next Door,” in which “mobile home park owner” made the list of top places to find a millionaire.

So in reality, a certain mobile home park will have a different value to each and every person. What’s the benefit of seller financing. This really should be addressed in your evaluation of the park and in the due diligence phase. I usually use 3% as the collections expense. I will approach the current renter and tell them if they continue paying rent for 3 more years, then I will assign the title over to them and the home will be theirs. They have been in the mobile home park business for almost two decades, and have bought and sold over $100,000,000 of mobile home parks during that time.

So if I can increase the rates to market and reduce expenses and this increases the value of the park by $100,000, then I would consider adding $50,000 to my offer price if necessary. Even the biggest conduit lenders, like Bank of America and Citigroup, offer mobile home park loans on aggressive terms of 10 year fixed interest rates and non-recourse. Problems with this approach include varying expenses, rents, and management.

Search loan brokers listings in usdirectory 5,075 loan s online yellow pages. As a side note, once I found out that property B was sold for $425,000 I was in contact with the new owner and tried mobile home park financing to buy the park from him - I offered him $50,000 more than he had just paid and he didn’t want any part of it. Mobile Home Park Financing and Mortgage Loans are obviously necessary for businesses and individuals that are looking to purchase a property or refinance Mobile Home Park Financing Loans. One of the big misconceptions of the mobile home park industry is that the owners are collectively as hillbilly as the residents – folks that look like Burl Ives in a straw hat. Most of these owners are entering their 70’s and 80’s, and they are more focused on monthly income than they are getting a bunch of cash and buying a new house/boat/car.

Finding just the right financial terms can be quite complex, but we make it easy for you. I would definitely point this out to the seller as a negotiating point. Please understand that your honest answers regarding credit and finances will have no bearing on whether or not we take you on as a client. You will find some sellers that expense everything and then find the opposite where owners capitalize as much as possible to make the bottom line look better. Online payday loans are marketed through loan cash online info e mail, online search, paid ads, a. But more importantly, the difference between the interest he will receive in conventional investments and seller carry is gigantic.

Jul these relationships are shown on the corporation org chart and institutional officers chart. The nicer the park typically the lower the cap rate and the easier it will to tap into better financing programs. We understand your need mobile home park financing for advantageous terms. Look up the returns on stocks, bonds, CDs and Treasuries and see how pathetic they are right now. It is not likely that a new mobile home park will be built nearby and what it would cost to build a new park does not even take into account the amount of time, effort, and money it takes to fill that park up with occupied and paying residents. The monthly payments of $200 per month will add up to $2,400 per year and if you cap that at 10% then you are paying $24,000 for an $8,000 note.

Prepaid cell phone service in malaysia and countries. Sample of a letter of agreement.