I cant find any Hard money lenders for SC which will do anything or even reply to what I am asking.
I have a MHP which has capabilities of holding 16 units and approved to expand on land for another 20. There 11 rented lots of these first 16 and the 12th is a MH owned by the park with a longterm tenant in it.
The rents will carry itself with taxes, insurance and management. I have a manger ready to move into the park with another MH for free rent to look after lawn and collect rents and repairs as need be. I also buy repos of MH’s now for investors and will be able to fill the other 3 for under 15K and have renters in them for additional revenues. The other 20 arent developed YET. The owner will hold a second of 10% but I cant get any help as I have low credit and minimal to put into it.
A MHP in this area is selling at 450K for 29 units in it so the potential of this is there. I would be willing to pay a few extra points to get into this deal.
Does anyone have a creative solution to this scenario besides geting owner to hold it all or finding someone who has a rich uncle as I dont have any of those???
appraised value of 135K as of right now without adding anythign ro improvements done. For an additional 20K I could fill thepark and have it producing a 1200 a month positive cashflow.
That requires a credit of a “A” or “B” rating and I am guessing that means over a 620 and I dont have that. I have went through the list on reiclub from their ads and I had applied at ones which looked like I could qualify for and had no luck. I need an agressive broker who deals with a couple lenders so they could pitch this to them is what I am guessing.
Some want up to 2500 for an application and no guarntee which Iam not going to do and some want to pull credit or have a set credit standard which if I had it then I wouldnt be going HML in th first place. I am only looking for a small HML amount and then once in it I want to refinance after 6 months for this gives time to increase cashflow and appraisal with improvements and by owning my credit score would go up as well.
Mike,
Have you thought about partnering with someone on your first deal that might have a little higher score? ( Just a thought)
Also did you say that you owned a primary residence now?
If you do, is there any equity there? Some banks will use the equity to secure a silent 2nd lien, giving them additional security.
Good Luck