Get Trailer Park Financing.

I found out the hard way that getting financing on a trailer park isn't easy.

I put $10,000 down and gave myself 60 days to get financing.

After the tenth bank turned me down, I started to panic.

How I ended up doing it was that, thankfully, I had $100,000 equity in my home. I then put $100,000 down from the refinancing and asked the owner to carry the difference.

I have since paid him off and now own the park free and clear.

What I would recommend is that if you are trying to buy this, you call this guy first to get prequalified.

You will need the following:

1. Current Rent Roll

2. 2006 and 2007 Operating Statements(or schedules from tax returns)

Call or e-mail with any questions.

Thanks,

Steve MurdenStar Capital Corp.

14 E. Campbell Avenue, Ste. 240

Roanoke,VA 24011

(540) 342-6520

(703) 991-0072 - fax

http://www.starcapitalcorporation.com/

Also, here is some more info on the loans.

Mobile Home Park Financing for All Types of Parks

Small Balance MHP's (Park-owned Homes Allowed)
Minimum Loan Amount $100,000
Maximum Loan Amount $2,000,000
75% LTV
No minimum number of pads
No maximum number of "park-owned" homes
Fixed and Adjustable Rates
Up to 30 year amortization

Holy cash cow! Buy my trailer park

Listed at: $265,000

Holy Cash Cow! You want cash flow? Buy my trailer park for only $270,000. It has 17 spots and a home. The 19th spot currently has a shed on it that would need to be ripped down. Then once the hookups are in it should rent out for $180 per month. 16 spots currently rent out for $180 per month. The house rents out for $325, and the one park owned trailer rents out for $400.

The taxes are $1200 per year. Tenants pay their own electricity bill. There is a little maintenance like grading the lot once a year, but not much at all compared to making major repairs on a 4 plex or other similar property.

A light bill comes every month for around $18. Your insurance is $650 per year.

I hardly ever have a vacancy because of the shortage of low income housing. This property nets about $26500 per year. How many properties will give you a plus 10% net return with diversity of 19 rentals?

Garbage Water and Sewer bills by month from the city of Blackfoot. Total for last 12 months is $7919.39 or $659.94 per month average.

I discovered that this is actually $25 dollars per month too high or $300 because the city was charging me too much money, but I have had it fixed and the money refunded.

Actual adjusted cost is $7619.39 or $634.94 per month. Actual Garbage, water, and sewer bill below: 09/04 $675.20-$25= $650.20 10/04 $616.23-$25= $591.23 11/04 $616.87-$25= $591.87 12/04 $636.43-$25= $611.43 01/05 $626.60-$25= $601.60 02/05 $620.42-$25= $595.42 03/05 $604.31-$25= $579.31 04/05 $594.85-$25= $569.85 05/05 $610.50-$25= $585.50 06/05 $664.48-$25= $639.48 07/05 $777.61-$25= $752.61 08/05 $875.89-$25= $850.89

Yearly totals are 17 spots for $180 each or $32640 per year. 1 trailer that rent out for $400 per month or $4800 per year. 1 house that rents out for $325 per month or $3900 per year. 1 spot that could be developed at $180 per month or $2160 per year.

Total potential gross rents are $43500.

Costs are $216 per year for one park light. $7619.39 for Garbage, water and sewer per year. $650 per year for insurance. $1200 per year for property taxes. Grading the park Once per year $150 Snow removal $0 to $350 per year depending on how much snow. Paint and repairs $100 per year Total potential rents are $43500 minus costs are $10,285.39= $33215 is the potential net profit. This does not count late fees. Potential yield is 12.53%

I currently pay a management company 10% of all my rents and late fees collected. It takes about 5 minutes per month on the phone with him for my update. He sends me spreadsheets in the mail. You could manage it yourself and increase your yield even more.

I would highly recommend my current manager. He prescreens all of the renters and he evicts the bad ones in a timely fashion. He is also good at collecting late fees. He can also have collection agencies go after the delinquent renters.

He is very personable and I will give you his phone number if you are really serious about making the purchase if you are interested.

Why would I sell this? I have 7 kids and I need to pay off some of my bills.

BUYERS BUYERS BUYERS BUYERS BUYERS BUYERS
http://www.seidahohomes.com/

Call or email me if your are interested.

208 589 5599

burkebennett@hotmail.com

Thanks Burke Bennett