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All Forum Posts by: Brooke Gaston

Brooke Gaston has started 2 posts and replied 7 times.

Quote from @Will Stewart:

Call all the commercial lending departments at local banks and credit unions in the area. A few will be interested and that’s where you’ll find the best rates and terms. 

Quote from @Logan M.:

@Dennis Muno and @Will Stewart mentioned this but your best bet will be a local credit union.

I have not had much luck with anything outside of local banks and private money.

There are lots of brokers who do loans on MHPs but they have higher minimums like a million or two million. 

Quote from @Erik Estrada:
Quote from @Dustin Seager:

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.


 Hey Dustin, 

Will this be your first mobile home park purchase? Do you own any other real estate?

Quote from @Jeff Ballus:

Hi Dustin,

Have you thought about a partnership where you partner with someone(s) with the capital to purchase it outright and you split up the proceeds? Are you planning on managing it yourself? If so, a money partner might be interested in partnering on it if they can get some passive benefits from it as long as the cash flow is right.

OR

Can you put enough down to limit the lender's exposure and make it palatable for them to lend say 50% of the deal so they don't have 80% LTV exposure?

Post: Help tracking expenses

Brooke GastonPosted
  • Posts 7
  • Votes 1

Looking for suggestions on a software to track expenses on investment properties.

Has anyone successfully sourced your own probate leads? Can you provide a little insight as to how you went about it? Thanks!