Mobile Home Parks: Investing Tips & Opportunities
Mobile Home Parks: A “Cash Cow” with Financing Issues and Financing Opportunities
Here is the underlying problem with you buying a Mobile Home Park
Mobile Home Parks can be difficult to buy due to the issue of income verification due to a sizeable portion of most mobile home parks income coming from either rent pay with cash, or rents payments made with Money Orders from 7-11 or Circle K made out to “cash.” [Issue: Did the mobile home park owner, and/or their property manager deposit in the bank All the cash, money orders or checks paid?
If the answer is not absolutely, then there is an income verification for the buyer and their bank lender!]
How does a potential buyer know and verify the actual collected rent (that may or may not be deposited) versa scheduled rents provided by the mobile home park owner?…read more