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Updated about 8 years ago on . Most recent reply

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7
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0
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Arthur Eggink
  • Lancaster, NY
0
Votes |
7
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How to find the down payment

Arthur Eggink
  • Lancaster, NY
Posted
Hi everyone very new to both bigger pockets and real estate investing. My wife and I have been looking at properties for the last month and came across a mobile home park with 51 units,49 of which are rented, that grosses near 200 k per year and has a net of about 35k per year. The cost is a bit over 1.3 million and we are trying to figure out how to come up with the 25% down. This is much bigger than we thought for our first deal however the numbers are great it is a great property and so far is just to good to shy away from. Plus all I have is Brandon turners voice in the back saying "JUST DO IT". So I was hoping to find out if anyone has ideas on acquiring such a large down payment or another way to find financing for this deal. Any information is welcome. Including what potential problems there are for mobile park investing. Thanks everyone!!!

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Account Closed
  • Rental Property Investor
  • Friendswood, TX
508
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663
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Account Closed
  • Rental Property Investor
  • Friendswood, TX
Replied

@Carrie Cavins

Mobile Home University offers a 30 day successful guide of due diligence.  I used this for buying my first park.  They also offer a bootcamp.  If your serious about getting into parks, i would recommend that as well. The bootcamp is a few k , the DD manual is about 160.  I m not sure if I can link it but here it is otherwise you can search the terms i mentioned.  I don't think there are any resources that compare with is offered and will help you to avoid a lot of land mines.  Good luck! 

http://www.mobilehomeuniversity.com/mobile-home-park-investment-books-and-course.php

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