Dave and Frank I really enjoyed reading both of your books about investing in mobile home parks. I was wondering about negotiating a contract with a park for seller financing. The one in the back of Daves book would that work only for bank financing? I have some other questions about this contract.
1.) Would I need to have an attorney write a new contract for seller financing If I am purchasing a park?
2.) If I do seller financing would the park land and insurance bills etc… stay in orginal owners name until the full amount of purchase price was paid off or would all names be changed to my name?
3.) Would I go ahead and create a new bank account and start depositing rent to that or would you keep the orginal bank account?
4.) How many days do you usually put for due dillegence 30 or 60 days in contract?
5.) The other item in my contract would be an option of walking away and getting my money back within 30 or 60 days of due dillegence?
6.) I was reading the forum about scanning checks in for rent is anyone doing this how well does it work? The other thing was I saw someone was only accepting money orders only for security?
7.) I would like to put in my contract I own all income coming in from park rent that was postive cash flow while under contract?
8.) I would like to take some money and hold it back for park emergencies such as water sewer pipe and only pay a certain amount of my debit to owner on the financing each month.
9.) I saw something about a title company in your contract what is that for and would that work in anyway in a seller financed contract?
10.) What about if any park owned homes had titles would I get those titles before or after full amount of purchase price was paid off?
11.) How much percentage of interest do you think is fair and how long of financing before interest was charged on total amount?
12.) Do you have any other items that I would need to add to the contract that I have not thought about?
If anyone else in the forum who has purchased a park for the first time could give me some pointers or any other helpful info on this?