All Forum Posts by: Rachel H.

 Yes, it will depend on the lender. It may be different, depending on the lender. Asking lots of questions will help you get the answers you need. Good luck! 

@Charles Blades If you go into mobile homes, I'd be careful and make sure you put the right type of insurance on the homes. Since you're in FL, mobiles are prone to severe weather conditions which has happened time and time again in the past. 

Best of luck with things! 

@Adam Campo Great to hear about the project approval, thanks for sharing! 

@Connor Cogdill It will depend on the lender and their appraisal of the property. You may need to talk to multiple lenders to run the scenario by them. Usually, this is pretty typical to have the lender finance the majority and the seller finance a portion with the investor coming out of pocket with somewhat of a down payment in commercial real estate. 

Hope that helps! 

@Gabe Goudreau If you're planning on fixing up the home and selling, it's best to make sure there's market demand for modular homes in the area. The last thing you want is to be left with a home no one is willing to buy at the price you're asking. 

As for comps, if there are other modular homes in the area you may want to check sites like Zillow or Redfin to see if there is data on those properties. 

The other option is to fix up and rent which may work if there's enough demand in the area. 

Hope that helps! 

@Steven M. Most investors I know who buy mobile home parks usually obtain lending through private lenders and/or partnerships. I've known some to buy on hard money and then refinance later as well. 

Another option would be owner financing, if the seller is open to it. Hope that helps! 

@Jason Khoury Yes, if there's a need for it and people are willing to lease the land it can definitely work. 

You may want to do some research in the surrounding area. See what else is out there in terms of leased land. 

The first thing that comes to mind for me is mobile home parks. If there are communities nearby or mobile homes on land people are renting, it may be worth it to look into it. 

Hope that helps! 

@Ryan Hoganson Great to hear! 

Mobile homes can definitely work, if that's what you're interested in. Like any niche in real estate, you just have to learn and study it. 

Personally, I've been in the business as a mobile home investor since 2007. It's had its ups and downs. Overall, it's been profitable. 

Feel free to DM if you have any questions. Hope that helps! 

@John Herold Usually, it'll be using Kool Seal to re-coat the roof. From my understanding, it's best to do this every 3-5 years. You can buy it at your local hardware store. 

Hope that helps! 

@Samuel Coronado I think a lot of it has to do with the time to develop the land and then fill the lots. It doesen't happen overnight. 

I've seen other investors get into these types of deals based on potential income. It sounds great on paper. Though, it takes time and money to make it happen. 

So just be prepared going in. Mistakes will be made, which can cost more time and money. It's just part of the learning process. 

Regarding resell value, it will depend on the market and if you can find someone willing to purchase for the price you're valuing the park at. Like anything, it may take a while. 

Best of luck with everything. Hope that helps!