I am new to the MHP Investing. I attended your Boot Camp 3 years ago. I did not buy a park, but I never forgot how helpful the information I left with… Within the last 30 days, I have read the Self Study Book, 30 days of Successful Due Diligence, Listen to 7hrs on How to buy MHP and 10hrs of the archive Frank & Dave Show. Read through and printed a volume of threads on the MHP forum. And the Last two weeks, I have reviewed different MHP listing, putting to practice the Due Diligence tools for evaluating park, before submitting an offer. Thank you for providing a complete and turnkey MHP study course. I got so much to learn, but putting all this effort has educated me and got me to a point where I now feel comfortable putting it to action. I hope you can help with a few general questions and clarify, so I can get over this hurtle.
First scenario, I would like to purchase a park with my partner. My partner will be use only to obtain the loan for purchase. But I will retain 100% of the ownership, pay the down payment, expense and operations reside with me. I am not clear on how a LLC would own the park when my partner owns the financing. Is it similar to just signing over the Deed as in a Single Family Home. The signature on the courthouse deed owns/controls the property?
Second scenario, is just like the first scenario above. My Partner obtain loan for the LLC. The only differents, my partner owns a percentage of the Park (example 30%). I have setup a Corporation in the past. I should not have a problem setting up an LLC. Is it as simple as forming an LLC and issue the appropriate shares? And completing a Operating & Partnership Agreement?
IF a real estate agent/seller requests a prequalification letter along with a contract, would my partner contact a loan broker and get a prequalification letter. I found a few mortgage companies/brokers on the mobilehomeparkstore.com.
What are your thoughts on purchasing a MHP in a land trust and naming the LLC as the beneficiary?
I thank you for any input. And I look forward to seeing some of the forum members again at the March Boot Camp 2014.