Trying To Get Started
I've found an opportunity to buy 10 Mobile Homes-One Park for $80,000. Owner says all rented and produce $4600/Month, no land. Owner wants cash. Help on financing ideas, key questions and warning signs to watch for would be greatly appreciated.
First, I would try hard money lenders. If you have family that has money, talk to them about your opportunity and see if they'd like to invest in it (with a return of coarse). As for the rest of your questions, I really can't help ya. Good luck
Are you a handyman? I learned more about Qest and Pex pipe in 1 afternoon laying under a trailer trying to fix a water leak where 1 fitting had cracked, but any time you moved the pipe, another fitting (grey plastic) would crack than I did any entire semester in plumbing class at the community college. I think I fixed about 6 joints, but had to replace them with about 12 fittings (Qest to Pex transitions, etc.)
Maintennance can be a big hassle.
Your financing can best be done by you...like this:
Sit down at your calculator and figure out on paper that scenario that would let your partner/HM lender put up thecash today for the purchase, then let him get his cash back @ an agreed % return, per year, then he splits the profits with you.
Then get on the phone to some people you suspect or know have big bucks and lay it out for them.
The better you're prepared with the numbers, the more interest you'll generate, so do your homework first.
Couldn't possibly tell you how many (LOTS!) of RE deals I've seen & been involved in just like this, where one guy is the deal finder, another is the funder.
They both need each other, so don't play down your role...without the finder, the funder hasn't got anything to invest in.
Don't know if you recognize what an unusual opportunity you've found...because few MHPs in my backyard or experience will let anybody RENT any MH in the MHP, except the MHP owner himself.