How To Get Zero Down Financing On A Mobile Home Park
There are several ways to acheive zero down:
Bond with the seller and have him be willing to carry all the paper since he trusts you and it gets him lower taxes and more interest.
Convince the seller that you need to use the downpayment to do capital repairs, and then find ways to do the repairs using sweat equity and little cash.
Do a Master Lease with Option deal, and take over the park with nothing down.
Sell an assignment of the deal to another operator.
Dave and I have done all of these, and have been able to buy parks with zero down 12 times.
My hat is off to Frank & Dave for having done $0-down deals a dozen times. I’ve only done it once, and I did it a little differently. My bank actually financed me 100%. They did that after being my bank for the previous 4 years on another MHP. They noticed I was an excellent customer, and they actually approached me about the $0-down idea (on mobile homes too). They are a small, family-run bank that does things a little differently than, say, Citibank.
So on the matter of whether your bank will ever do that for you, your mileage will definitely vary…(!)