I am curious about how many of the communities you have acquired over the last 3 years are seller financed or atleast have some seller carry back. Could you also shine some light on what is the average LTV loans you are getting from the community / national banks for park acquisition. Are you renting all your new homes that you get from Legacy with their rental program. Do you buy from other manufacturers and do they have special programs? What LTV will the manufacturer programs fund on new homes.We have access to 8% (70% LTV) bank money for new home acquisition. In your opinion is 8% bank money good for home purchases or should I be looking for better interest?
We have purchased 13 new doublewides and 10 used singlewides at our ID parks with community cash flow and some cash from one partner buying 5 notes for his SEP since Feb. I am looking for the best programs that will help us fill the remaining 40 or so lots.
I am an investor that have worked a deal with 9 parks in AZ where they give me $4,000 credit when I place a MH in their park and waive lot rent until sold. I move the MH in their park, rehab then sell below market value but still above what I have invested in the MH. I also ask for 20% down and carry the paper at 12.9% for 3 to 5 yrs. I am looking to purchase 150 MH’s in the Phoenix area and looking to do other deals like this in other markets. Let me know if I can be of help in this area.
We offer move in insentives at our communities also, but finding a source of used/repo homes is the problem in Idaho. If you know something I dont know about where to buy homes I would like to find out.
I do not have parks so I do not have to worry about taking MH’s out of parks and putting into others. If I had a park I would not try to steal homes from parks and put in mine so what I am doing is that I have hired several people to go to parks, advertise, network, etc… and have offered them a finders fee of $250 for every home they can find for me that I can buy for cash. I pay them after the deal is complete. Seems to work out fairly well and most of the work is done on their computor or phone. I go out personnally and look at the home to see if it fits my criteria. Before I go they make an offer and if the owner accepts the offer is when I go see the home. Hope that helps.