Hello Folks,
Thanks for the encouragement and education over the years here and at other forums.
I am in the process of trying to buy an existing park. My first. It has a combination of park owned rentals and owner occupied homes. The owner is willing to finance a large amount. Which leads us to the issue. I am looking to either borrow the money for the downpayment or bring in an investor. There is plenty of cash flow to support this.
I have one investor who will put up part of the down payment for a percentage of ownership. Can you folks give me some info as to where I should look for other sources of money. I’ll probably need around 50k more to get into the park. There is a 5yr balloon and a reasonable upside on this. My thoughts are to keep it long term for cash flow and appreciation after the 5yr cash out.
Also, I am planning to start an LLC as the ownership vehicle. Does this sound reasonable?
Thanks for your help,
Ken