MH Park Financing - Posted by chill

Real Estate Investing Real Estate Financing
1

Posted by ray@lcorn on January 03, 2003 at 16:48:16:

chill,

What is the size of the deal?

ray

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MH Park Financing - Posted by chill

Posted by chill on January 03, 2003 at 14:52:32:

We are looking at purchasing a mh park which the owners won’t finance. The first lender we have talked to is telling us 20% down with about 8% interest. We are thinking there might be better money available, assuming the appraisal comes back with the right numbers. We have excellent credit, but this lender told us we’d get much better interest and maybe a 90% loan on an apt. house. I think in some ways a mh park is a better investment (we own one small park now) – so I want a few more opinions. Of course, we will contact more lenders, but I am thinking some of you will have some advice of who to go to for this type of investment.

Thanks.

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Re: MH Park Financing - Posted by SteveC_GA

Posted by SteveC_GA on January 07, 2003 at 22:48:30:

Carolyn,

I tried responding to your email, but it won’t process for some reason. Please give me a call at (478) 714-5237 and I can answer all of your questions.

Thanks,
Steve

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Re: MH Park Financing - Posted by SteveC_GA

Posted by SteveC_GA on January 06, 2003 at 22:29:15:

Your story sounds so familiar…I had the same problems finding financing on a 69 unit park a few years ago. Fortunately, I remembered talking to a very knowledgeable individual at a real estate convention who told me that if I ever needed help with a MHP give him a call. His name is Ernest Tew.

Not only did Ernest validate my due dilligence with the park and verified that it was a good deal, he also showed me a way to earn TAX-FREE profits from this deal. Most importantly, he found the money to purchase the park. We used a private investor to buy the park and we leased it back with an option to buy. The option was purchased by our Roth IRA’s.

To make a long story short, I sold the MHP less than two years later for a substantial profit. The profit was recognized in my Roth IRA, which was tax-free.

I have been on this site since 1997 and have found no better way to accumulate wealth than the techniques Ernest taught me.

I suggest that you give him a call at (352) 475-1800. My call was worth over $100K!

Good luck.

Steve Case