All Forum Posts by: Steven Fishman

Oops - just realized that should be Little Rock, AR...it's not in Alaska...

I'm finally making the move from cold Canada to the US (specifically Little Rock, AK) this summer, and I'm in the process of looking for some investment properties in the area. I came across a really interesting property for sale; it's a small, 16-pad mobile home park in Sherwood, AK (nice, fast growing suburb of Little Rock), with all the trailers also conveying to the buyer. The seller is asking $350K but is flexible. 

I like the idea of owning a MHP because it seems easier to manage than a traditional multi-family. The trailers are all single-wide and older, but most of the tenants are long term and I think they'd be open to a rent-to-own kind of deal (I don't want to manage the trailers themselves, just the park).

My big issue is that I am going down there on work visa and won't be able to get a green card for about 2 years. The seller doesn't want to hold a note (he's old and retiring), so I need to find some other way to finance it.

None of the local banks I've reached out to would be interested in financing me on account of the foreign national situation, but I'm okay with putting down a significant down-payment (35%+). The park is in good shape and always has high occupancy.

Does anyone have a recommendation? I'd prefer some kind of private loan, but I'm also open to hard money loans for the first 12-24 months until the property is seasoned and I (hopefully) get a green card.