Getting started


#1

Richard,

You definitely want to have a financing strategy in mind before placing a property under contract. This can either be accomplished through owner financing, a lending institution or via private lenders.

I would start out by contacting a local bank and see what their requirements are for lending on mobile home parks. Every bank differs with this type of investment class and much of it will depend on your current relationship, investing experience and financial statement.

Once you have an idea on what type of financing you might use, post the numbers of the deal on the board and there are plenty of people here who will help you come up with a value to place it under contract.

I normally don’t conduct the full due diligence on a property until I have an agreement signed with the seller. No sense in wasting everyone’s time unless we have something in writing.

Good luck and keep us posted.

Steve