Hi Everyone,
So, my family and I have a little real estate LLC. Currently, we have 4 mobile homes and land to add more. All but one of the homes have been remodeled. For the last several years we have been hit with repair after repair. However, we hope the, let's call it the rebuilding stage, will level off here soon. Homes like ours are selling between 100k to 200k, depending on various factors, in our area. So, let's say the portfolio value is $400k, to be conservative. Revenue is $4k a month.
Now, the LLC owns these properties out right and only debt is around $8k.
So, overall we’re doing okay and we’re really hoping to get into a growth phase.
Our pain point is that we have talk to many banks and it seems we have no way of taping into the equity of our portfolio.
Has anyone found bank that works with investors who have mobile homes?
Any and all ideas and advice is welcome.
Thanks!
