Looking for some financing ideas.
We came across an opportunity to purchase a mobile home park in Central Florida. The land comes with 4 mobile homes (2 of which have been split into duplexes), a quadplex of apts, and a couple extra lot rentals. In total, there are 13 units available to rent. 5 of the units are currently vacant. They are currently making about $6k per month on rent and several of those occupied units are rented under value, so the potential is about $12k a month in rent.
The owner is asking $699k. We have enough to put down 20%. Our lender said traditional financing is difficult on MHP, but if we go thru a hard money lender for the remaining, with the high rates we would break even every month at the current rental rate. We haven't seen the property in person yet, but expect the quadplex will need some work. And eventually we would want to update the mobile homes as well, possibly add some tiny homes, etc.
The seller has no interest in seller financing. Besides hard money, are there any other creative strategies we could use?
Thank you.
