All Forum Posts by: Dominick Dahmen

Hey everyone,

I have been in the forums a lot lately, and I'm wondering on funding for an MHP. I've seen a few deals that I want to look further into. The problem is I have average credit and really no money for a down payment. I know there are companies that will do 100% financing if they bring 50% and say the seller covers the other 50%. 

But how do lending companies feel about the down payment being borrowed from private money or a partnership?

@Jack Martin

I've seen that Agency debt is amazing. But I haven't been able to see a bigger park that I like or even can fund. What are the rates on Agency debt anyways?

Hey everyone,

Who do you use to fund your Mobile Home Park purchases?

@Frank Rolfe

Thank you for the incite! Side note. I've been absorbing your podcast lately and I was wondering if MHPs are the lowest default rate, why is it that lenders use the fact of it being a MHP to try and justify higher loan rates?

@Jack Martin thank you! That is really helpful! I have one that looks good, but it's through a broker and the $1,350,000 price is "firm." Although myself and a few other people have determined it's bot worth more than $800,000. Should I offer somewhere around that?

What would be the reason for selling a POH to a current renter? If you are already renting the home to a park resident, why would you sell it for the same payment or slightly higher over a few years?

While looking for deals, do brokers fairly price parks? I've seen some that take the "upside" into account and some that don't. Do a majority of brokers under value parks based on super low lot rent, or not?

Thanks!

@Rachel H. Awesome! How do I find buyers?

Also, when deals say "off market." Can you try and contact the seller? If so, how?

Hey everyone,

So I am getting started in MHP investing. I've noticed there are a good amount of opportunities that I don't even evaluate because of price or perceived effort when it's not in my state. I think wholesaling parks would work well for parks that I don't want to or can't invest in.

Does anyone know people that are doing this?