Funding Question-First MHP

[Jordyn Rodriguez]

I want purchase my first mobile home park, do think I need to establish an LLC at this time. I plan to go to my current bank and talk to them about their investment property loans which require 15% down. Does sound like I'm on the right path?

Also wanted to ask once I know how much I’m approved for (I doubt I will be approved for the full asking price of $450,000) I planned to hopefully agree to some seller financing. Is there a certain rule thumb on how much you should acquire from verses finance trough seller?

Thanks for all help and advice, I’m striving to purchase before the end of the year.

[Ryan Sajdera]

Hey Jordyn, 

I would have a very in depth talk with your bank to make sure that you are both on the same exact page when it comes to MHP's. In my experience, banks really don't like mobile homes...or parks... or anything that rhymes with mobile. I would recommend forming our LLC prior also. This can save you some time and paperwork. Good luck.