Hey everyone, I am new to the forum. Just had a couple questions for you.
where do you find these mobile home parks that are for sale besides looking on the MLS or dealing with real estate brokers?
Do you direct mail the park owners and negotiate with them directly?
I have talked to several park owners about selling, they understand that bank financing is very hard to obtain right now. Most of them will carry some of the financing, but most of them that I talk to want ridiculous amounts of money down and balloons due in 2-3 years. That is something that I do not want to take a chance on.
If you were me… what would you do?
I have 40k cash to work with, a free and clear land home package, and a multimillionaire partner that is chomping at the bit to get back in the mobile home park business. He sold his park at the top of the market and made 2 million, but now regrets it because he has had to work harder to keep that money moving than he did when he owned the park. I also have another multimillionaire friend that owns several commercial buildings, malls, etc. He told me if I can find a great deal on a mobile home park he would partner with me and buy it. If you were in my shoes…what would you do? How do you find motivated park owners?
thanks for the help!!!