Hey it’s Max again, talking about mobile home park investing.
So a lot of people ask how much money do I need? How much money do I need to invest in a down payment? Well, that’s a loaded question because sometimes you don’t need any money (I’ve seen deals where people got no money down), and some deals you need whatever the lender is willing to accept ‐ 20-50% down (that’s usually the requirement that you need for a down payment percentage‐wise).
Now if you were talking about real numbers, you can get into some deals with 100 grand or 50 grand, but typically to find something that’s around 30 units, around $300 lot rents, with 20‐30 percent down you’re going to need anywhere between 150k to 250k. So a hundred fifty to two hundred fifty thousand dollars down to get into a deal.
Now, a lot of people start out flipping mobile homes, individual homes, that’s why we brought on our partner, Levi Parham, who has started the division that flips and wholesales mobile homes to park owners, and sometimes in those you can get them from nothing ‐ 1000 bucks, 500 bucks. You know, that’s how a lot of people get started.
So, as far as down payment and as far as how much cash you need, that’s typically what you need. The credit score minimum from what I’ve seen is 640 and up. And the down payment experience – I’ll talk a little bit more about financing on the next one. But let’s just end it there and like I said if you have any questions in the last thing I said what I can offer you guys is some insight, some guidance on your first mobile home park purchase or your second or third or even a hundredth (I have a couple of clients that own a hundred mobile home parks which is crazy. These guys are loaded, girls and guys are loaded, but they do really well with them. They’ve got a great system.).
But anyways, you can give us a call 678‐932‐0200 and talk to one of our beautiful receptionists and we’ll get back to you here as soon as we can. Have a great day.