My name is Joel & I am endeavoring to get started in the mobile home park field and wanted to ask a couple questions. I appologize if my questions are somewhat elementary but hey, if you don’t ask, you’ll never know right?
I’ve been communicating with several park owners, agent’s, & broker’s about parks currently on the market, getting a loan for a park, owner carry financing, down payments, etc.
1st - I understand that the traditional way to get started in buying my first park is to get partners to bring the down payment and closing costs as an “equity partner” or simply as a hard money lender, but I wanted to first see if there’s any other way around having to find mr. big bucks to buy into me and my deal. Is there any way to structure a deal without having to bring any money to the table? With so many people in this business I know there’s got to be a way to get started without having thousands of dollars in the bank.
2nd - Also, I understand it’s possible to have a park owner carry 100% of the financing but how do you approach an owner this way? What does this deal look like from start to finish? Does the owner have to own the park free & clear or can it be structured even if he still has some of the loan left to pay? Basically, how can I put something like that together?
I’ve got what I think are some pretty awesome investment opps on my plate right now and just need a little help getting them rolling.
Thanks in advance for you input guys. I look forward to hearing what you have to say!
Until then, have a great day & God Bless!
JoelC