On my next park purchase I will definitely insist on some “performance guarantees”. I will seek a $ 30,000 seller carryback. I will have it in the purchase agreement that if the park doesn’t perform as promised or I find some " buried land mines" ( metaphorically speaking), the seller will forfeit $$$ accordingly. I did due diligence on my last park purchase
but did not have any guarantees. In hind sight I overpaid to the tune of 20-30k on a 500k purchase. The seller had a huge sob story. I unfortunately allowed myself to be manipulated by that and did not push hard enough in negotiations. My wife and I have learned the hard way that when anyone
(especially potential tenants) start sharing a major tale of woe, GRAB YOUR WALLET AND HOLD ON TIGHT!!! I’m running a business not a social services agency. The party I bought the last park from did carry back a 20k note but insists I pay every penny due them despite some serious misrepresentations on their part in our deal. I’m posting this anonymously to spare myself embarrassment. I don’t want to go into detail, I just want others to be able to learn from my mistake.
P.S. I’m not going to litigate but I am negotiating with the seller regarding the final payoff on note.