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Updated about 3 years ago,
Mobile home park Financing
I have found a 5 trailer mobile home park in Georgia. Its an hour from where I live. Seller is asking for $199,900. She will not seller finance or owner finance. She told me she is selling because she just bought apartments in Anderson SC (400 doors) and wont have time to manage the park anymore. All 5 lots are rented. All trailers are very well taken care of. Gross monthly rental income is $2925 annual is $35,100. 100% occupied. There is also room for 1 more trailer. My problem is I can not find a local bank that will finance a mobile home park. I also do not have 20% down payment. Any creative suggestions?