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Updated over 3 years ago,
REFI/Finance MHP question
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.