Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Mobile Home Park Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 3 years ago,

User Stats

2,089
Posts
1,159
Votes
Mike Reynolds
Pro Member
  • construction
  • Nacogdoches, TX
1,159
Votes |
2,089
Posts

REFI/Finance MHP question

Mike Reynolds
Pro Member
  • construction
  • Nacogdoches, TX
Posted

Sorry if this is tedious but wanted to lay everything out that may be pertinent. 

Bought a MHP back in December. Made money on the purchase as we bought it for the appraisal of the land only. The previous owner only collected cash so no proof of income. (His bad) Day one we were netting over 2.5k/month after all bills, including notes, taxes and insurance. Since then, we have increased rents by adding new homes (2) and renting vacant lots. We only have 2 left and its a waiting list for those. (we have to get the 2 old dogs of trailers out of there first) We can literally pick the ones we want for the spot. Our company is very efficient. We bought for 240k and now with a 10 cap rate it is worth over 750k 3 months later. That brings me to my question. 

We found another one we want. We can refi, pay off liens and use the proceeds for the down on the next one. My figures have the one park paying off the note just barely. the new park will pay off easily the other note or both with ease.  With both parks income we will be aces. Is this the way I should do this or should I use the first park as collateral and just do both parks in one loan? My thought is less headache with one loan but what else am I missing? Would it be better to just have 2 loans. 

  • Mike Reynolds
  • Loading replies...