What can happen if you run out of money rehabbing a mobile home
When you first start out in this business one of the hardest things to do is estimate the rehab costs, It will happen to every person getting started in this business no matter what type of homes you buy or how much you plan for the rehab you can and will go over budget, I met a gentlemen not to long ago that did not figure the rehab properly on the home and this compounded with bad contractors he had spent about 10k on the home, I met him because he was selling the home half way finished home for 3k.i tried to convince him to let us finish the home for him so he could rent/sell and get his money back but he decided to walk away from the home instead of finishing it now the park is going to get it back and go after the owner for past due lot rent.
If you find yourself not being able to complete the home because of running out of money just surrender the home back to the park and do Not try to argue with the park because of your mistakes and problems, also keep communication open with park management because most of them just want their lot rent paid or the home that you bought from them back.
happy investing
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