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Updated about 8 years ago on . Most recent reply
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How to find the down payment
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!!!
Most Popular Reply
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