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4 mobile homes + land / But we’re stuck
Hi Everyone,
So, my family and I have a little real estate LLC. Currently, we have 4 mobile homes and land to add more. All but one of the homes have been remodeled. For the last several years we have been hit with repair after repair. However, we hope the, let's call it the rebuilding stage, will level off here soon. Homes like ours are selling between 100k to 200k, depending on various factors, in our area. So, let's say the portfolio value is $400k, to be conservative. Revenue is $4k a month.
Now, the LLC owns these properties out right and only debt is around $8k.
So, overall we’re doing okay and we’re really hoping to get into a growth phase.
Our pain point is that we have talk to many banks and it seems we have no way of taping into the equity of our portfolio.
Has anyone found bank that works with investors who have mobile homes?
Any and all ideas and advice is welcome.
Thanks!
Hey Jamie,
It's great to hear that your family LLC has been steadily growing and maintaining a strong portfolio. Tapping into the equity of your mobile home portfolio can be challenging, but there are several approaches you can take:
Home Equity Line of Credit (HELOC):
Primary Residence: If you own a primary residence with substantial equity, consider taking out a HELOC to fund additional investments or improvements to your mobile homes. This can be a temporary solution until you find more favorable financing options.
Private Lenders and Hard Money Loans:
Alternative Financing: Private lenders and hard money lenders may be more willing to offer loans secured by your mobile home portfolio. These loans typically have higher interest rates but can provide quick access to capital.
I am a loan officer in CO, so I may be able to help you, as well as advise you on how you can increase your appeal to lenders. Please DM me if you have any further questions or if you would like to discuss your options further.
-
Lender
- 719-641-5169
- https://www.aslanhlc.com/tcoutts/
- [email protected]
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@Jamie S. You may want to branch out and start looking for private lenders to help fund your deals.
Check out your local real estate investment club which is a good place to start. Many times, there could be members there who are looking for deals to fund or know others who fund deals.
You may also want to see what other local sources investors are using to fund their own deals. This may help you to expand your options when it comes to funding.
Being local to the area where you're buying is important and can help you find local funding sources such as private lenders and/or future partners.
Hope that helps!
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Hi Rachel! Thanks for your reply!
Looks like you’re involved in mobile home investing yourself. Started following your YouTube page. Looking forward to hearing about your story.