Hi all,
I am a newbie trying to get started in MHP investing and I have been reading, listening to podcast, and learning as much as possible.
I have been working through some valuations and getting a understanding of selecting my first MHP, but how do I actually get a Seller financed deal? Everything I have found does not give me that option.
Advice greatly needed.
1 Like
It sounds like you’re doing the obvious, which is to ask. Learn about the benefits that seller financing offers and ‘sell’ them to the park owner. Some owners don’t think about seller financing - a steady stream of income over ‘x’ years earning ‘x’ percent interest secured by a property that they are familiar with may be appealing to them. It’s something that their children may benefit from as well. There may be tax benefits as well.
I guess id ask why you are hung up on getting the deal with seller financing?
The focus should be on getting a great deal. That may or may not come with seller financing.
Its just one option on funding.
The person has to be a fit for it but may not be. From my experience ( not sure if this is general across the board ) would be that you have a 25% chance of getting seller financing.
Wouldnt you rather go for a great deal that needs to be closed with a bank instead of marginal deal with seller financing?