JCF Lending Group uses credit scores that utilize a mortgage algorithm, which are normally much higher than a standard credit score found on Credit Karma for example. Overall, we require a minimum mortgage score of for purchase and refinance. However it is important to point out that higher scores may be required for certain circumstances, considered high risk.
The truth is that we would never build a new park from scratch. But now let us explain why that is not hypocritical. This location will be so remote that nobody will even know you exist unless you spend a fortune on advertising.
And the few that drive out to look will be appalled by the commute time and lack of nearby services, like a grocery or liquor store. All the good mobile home park locations were taken 30 years ago. Does that sound attractive? Getting a loan to build the park in the first place is just as impossible.
Nobody wants to make construction loans these days. If you can find a banker today that will finance your construction of a new mobile home park, then you are the LeBron James of bank dog and pony shows. These projects are illiquid If you build a new mobile home park, you will embark on an odyssey of risk like no other.
When you take into account the interest carry of filling up a mobile home park from scratch, the return on the project is zero or negative.
Conclusion Building a new mobile home park is just a bad idea. Buying an existing mobile home park is a great idea.
The affordable housing industry is a great business model, But the real estate construction business model is not. Stick with existing parks. They are easier, lower risk and - most importantly - infinitely more profitable.
By Frank Rolfe Frank Rolfe has been an investor in mobile home parks for almost 30 years, and has owned and operated hundreds of mobile home parks during that time. He is currently ranked, with his partner Dave Reynolds, as the 5th largest mobile home park owner in the U.
Along the way, Frank began writing about the industry, and his books, coupled with those of his partner Dave Reynolds, evolved into a course and boot camp on mobile home park investing that has become the leader in this niche of commercial real estate.
After a half a century of combined years in the real estate business, MHU.CHARLOTTE, N.C. - The two men who owned Auto House are banned from the car business in North Carolina, but their wives aren't. The women plan to go into the auto business.
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Mobile Home Loan Questions and Mobile Home Financing & Refinancing Questions and Answers by JCF Lending Group. Check out the T-Mobile newsroom for T-Mobile news, media, photos, blog, and more.
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