Hello everyone, I have found the perfect deal that I could ever ask for and it is all because one man/HML actually believes in me and my deal. I am going to purchase a mobile home park with existing homes for rental/132k yr
along with a vacant lot for expansion, a SFH 5/3/2 for a total price of 60k. I am new to investing but all I want is maybe 3 properties. I almost lost this because I definitely couldn’t get conv. financing, credit- lets not go there, HML most def. Terms 14% at 12mo. Think I can handle that?
I would want to expand around the park even more because there are about 20 available acres with a lake 1/4 mile away. Should I get the land after paying the HML or while, trying to make the most of a good situation.
…I’m starting to see a common thread. 