I’m eager to get into this niche and have started looking at parks, but I have so much to learn. I’m an engineer with decent w2 pay and mediocre savings, but hoping there’s still a way to get started without having to save up 6 figures to get going. Answers to any of the following questions would be very much appreciated:
- When determining the value of a park I know I’m supposed to keep POH separate from the lots, but how to you value a vacant lot vs an occupied lot? And similarly how do you value an RV lot vs a home lot, again occupied or vacant? Any formulas would be great
-Do you place a value on any extra land that comes with the park that has potential for expansion?
-how do you assign a value to any additional parts of the property like a house/storage/laundry facilities etc?
-when talking to park owners about potentially buying their park, knowing that my only real chance is if they seller finance, do you bring it up right away that you’ll need seller financing or do you only mention it after you gather more info and submit an offer?
-where can I learn more about documents needed and the process of seller financing?
-do most of you folks typically have 20-25% down payment in cash waiting to do seller financing deals or do you typically lend that from somewhere else too?
Thanks in advance for any replies.