If a park owner wants to sell but is not willing to send the parks financials because they want to be and is saying the down payment alone will be close to 1.5M. How would someone go about trying to gather investors for this MHP?
Any seller has to provide 1) last 12 months financials 2) a rent roll 3) a price. without these three items it is a non-starter or a conventional purchase. Without these items, the deal will HAVE to be seller carry (unless you have a great track record with turn-around mobile home parks and banks trust you). It’s up to the seller. Without providing data he’s going to get a fire-sale price and have to carry the paper. It’s like a used car that is for sale. If the seller won’t let you look under the hood or give it a test drive (or even pull a CarFax) then what are you going to pay? You don’t even know if it has an engine in it.Some sellers think that their property is so hot, they can sell it any old way they want. Unless it’s next to the Plaza Hotel in New York, they’re wrong. It’s a buyer’s market, and nobody is going to screw with a seller who is unrealistic to the point of refusing the follow the traditional rules of selling a property.
Could you please rewrite that first sentence.
Thanks for noticing that. My proofreading is not good today.Let’s try that again:"Any seller has to provide 1) the last 12 months financials 2) a rent roll 3) a price. Without these three items it is a non-starter on a conventional purchase."Thanks again for pointing that out.
Actually Frank, that request was for Merix. What you wrote was quite readable.
My apologies Randy, I was in a bit of a hurry when I posted this discussion. — I got a call from a seller stating he wanted to sell his MHP, the catch was that he wanted to know how much money I had available to put down. I took control of the conversation and asked for the financials and the price he was asking for his park. He kept pushing for me to throw a number out there, and then he finally asked if I had 1.5M for the down payment. I just thought this was a bit odd due to the lack of information he was willing to provide.
Frank, thanks for the info. I won’t entertain the idea any longer if it looks like a non-starter.