I have a park I’d like to buy, owner wants $350k, but broker doesn’t get the feeling he wants to do owner financing and I was really hoping to get it under contract with 10% down and owner carry.
I still would like to try and buy this park and will approach banks to try arrange funding but that is looking like my only hope of owning this park, there is still the option to assign it to another investor if I can’t gather the funding.
What options do I have to buy this park if I can only get my hands on 10% of the funds now and the owner isn’t interested in carrying the note?
Do I need to tell the owner how I’ll be paying (loan vs cash) when I place the offer?
Will I lose earnest money if I put this under contract and cannot convert the purchase because I couldn’t acquire a loan or assign it?
I have a decent paying w2 job and could probably have another 10% towards the park in a years from saving but it’ll be long gone by then. Maybe I’m jumping the gun on trying to get a park in this price range but thought I’d reach out for advice just in case there’s a way.