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Updated almost 8 years ago on . Most recent reply

User Stats

23
Posts
3
Votes
Cody Gray
  • Birmingham, AL
3
Votes |
23
Posts

Small Mobile Home Park (best financing strategy??)

Cody Gray
  • Birmingham, AL
Posted

I have a small park under contract. 

4 pads

2 acres (County water and septic)

4 single wides (3br/2ba)

Currently rented $500 each. 

Asking price is $80,000 but plan to counter. 

My question is what's the best way to finance this size property being only 4 units? 

Traditional mortgage on land and separate loan on homes? It's in a USDA approved area, will that apply to this type of deal with $0 down. What loan term would I be looking at also with this size and type loan?

Or should I try to get seller financing?

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