New home purchase / rentals

[Gary & Carol Sullivan]

We own a 25 unit mobile home park. We are unique in that we also own the majority of the manufactured homes located within the park. We rent them out as you would an apartment and have been quite successful. We are looking to upgrade the park with newer manufactured homes. Any ideas on financing options for new homes that will be used as rentals?

As a secondary issue, we are also looking to purchase a new triple wide to place on a lot within our park, which will be our primary residence. We are looking for a 25-30 year mortgage against the house itself. Any ideas on who to contact?

What we are running into is that no one will lend money against rental units. Also, no one seems to want to lend money on a new house purchase unless it is already in place within a park and you are purchasing it from a private party.

Help!

[Gil Davis]

Contact me at [email protected]. I believe i can help with your problem.

[Gary & Carol Sullivan]

Hello

Since my original e-mail to this site, we have been in contact with a number of lenders. We are beginning to get somewhere (almost). We still cannot find anyone who will loan money on rentals. Everyone requires us to get a line of credit on the park itself and/or just refinance the park. This obviously limits how many units we can buy.

Insofar as the house we want to buy to live in, what we are discovering is that we will probably have to refinance the park, get the house in place with those funds, and then locate financing on the house individually in order to repay the park loan. This way, we will free up the park loan in order to buy more rental units. Again, noone seems to want to lend money on a new home purchased from a dealer until the house is in place, with skirting and is livable. Even then it is dicey.

This process just takes many more steps than we wanted to do, but it may get the job done.

Any other suggestions?

[joyce riggs]

iam looking for a mobile to rent me and husband are wanting to rent one if you can help us please call me at 727-812-9647 we are wanting to lease one for a year and then try to buy one we also go up north a lot 1bedroom 1 bath or 2/2 hope to hear from you soon thank joyce riggs

[Teresa Pugh]

My husband and I are looking for a furnished rental the month of Jan and Feb. 2010. We are very clean, and will take very good care of it. Looking in Deerfield Beach, Fl or nearby.