REO Park


#1

I have been following this forum for about a month and it seems hands down better than any I have found on the net. Here is my question. My loan officer at local bank has a 62 pad park they foreclosed on. He has offered it to me no money down @ 5% interest with 20 yr note. Ther are currently 32 pads occupied. After note,insurance,taxes etc. I would have $2100.00 per month profit right off the bat. My problem is it is a little rural and am wondering about best ways to fill other pads. Would like to buy used units and owner finance but am afraid the SAFE ACT will not allow me to do this. Have thought about selling them for $1.00 but they have to sign 24-30 month lease before receiving title. I do not want to go rental way because of maintenance.I am going to get the home study course and if I purchase the park attend a bootcamp as soon as possible. I guess my problem is the same as alot of peoples. How do I go about filling this park in the economy we are living in? Thanks for any suggestions or insight.