I am planning to sell my 42 space community and am considering carrying the financing. Or I could look at some sort of master lease arrangement. I am flexible. My target market is a newbie who wants to get into the business, but not take on a turnaround situation. What do you think of these terms:
30% down (sales price will be somewhere in the low $800s)
year 1: 2%
year 2: 3%
year 3: 4%
Will require some degree of cross-collaterallization with another property.
The park itself is pretty much turnkey, and there is a huge demand for housing in the area. I am far away and wish to move onto other things in life.
What do all of you think of these terms? The idea is for a buyer to get lower payments initially and focus on filling the empty lots as well as, hopefully, a fast sale. They could bring in homes and then refinance me out and maybe even pocket some money. Also, would it be helpful to have a sewer line vid and a Phase 1 and perhaps even a survey all ready to go vs. waiting for the buyer to do them? Any suggestions are more than welcome