How to Buy a Mobile Home Park Using Creative Financing
Buying mobile home parks is amazing, especially if you can do it using creative financing options like seller finance.
Considered a commercial type of investment, mobile home parks can double the amount of cash flow you would typically get if buying a single home.
Because instead of just one rental payment, for example, you can 4, 5, 12, 20, etc. based on the number of units on a particular lot.
That’s a lot of income!
One of my students, Tommy, joined my live call to talk about a deal he had locked up with a mobile home park.
You can check out that call here:
So exactly does one get a hold of an entire mobile home park?
Creative Financing a Mobile Home Park
In Tommy’s case, he was able to seller finance the park, with a down payment to the seller and terms at 8% over 30 years.
I also scored a great deal on a mobile home park in Yuma, AZ using seller financing, but that’s not the only way you can get started in mobile home parks.
For the deal above, this was also from one of my Subto students, who had gotten it from a wholesaler who didn’t know what to do with the property.
I paid the full retail price of the park and then gave my student $28,000 as an assignment fee, while the original wholesaler got a referral fee.
Not only that, but because I wanted more of these types of properties, I gave my student 5% in the park as an incentive to find more.
My student made $28K and then made an extra 5% on top of that, on a deal that a wholesaler didn’t know what to do with.
So how do we do get these deals?
Guys, time and time again, I always say reach out to my Subto students.
There are so many great connections, from the Facebook group to the courses, that are always more than willing to help out new students.
Social media is another avenue, thanks mainly to groups; again, a lot of people join these so they can find others to partner with or find deals from.
You can also speak with real estate agents to find deals, but I find that these always work well when you can build up a relationship first.
This way, you get a constant supply of leads that you can act on.
Like Tommy’s deal and the ones I’ve done, partnering with wholesalers and fix and flippers is also great, as they can hand over deals to you.
Buying a mobile home park is a big deal; it cash flows exponentially, with bigger ROIs, and honestly gets you into that next tier of real estate investing.
If you’re ready to make some mailbox money, then let’s go – come join the best real estate investing community and let’s do some deals together.