Newbie looking to flip park

Hi everyone,
My husband and I are new to MHP investing. He has attended the bootcamp, but I have not. We are looking at a park to possibly flip, but being new to all of this I’m a little nervous. Any advice and comments for a newbie looking to flip a park would greatly be appreciated.

One other thing I’m wondering is what kind of info needs to be added to the contract that would be specific to flipping instead of buying. If anyone would have a sample contract, that would be great.

It sounds like you’re talking about assignments. Basically you negotiate the Park under contract and then immediately sell that at a certain price or percentage to an investor who will close the deal, and as part of that you get an assignment fee. A few folks around here do that pretty regularly.

You will need to get very good at diligence to know that you’re negotiating a good price, otherwise you won’t be able to assign it to anyone and will then just be backing out of the deal prior to the end of your option period, which is a waste of your and the Seller’s time.

Since you’ve gone to the MHU bootcamp you already have a base contract. I would get with your real estate attorney to ensure it’s fit for purpose and has provisions for it to be assignable. In a lot of contracts it’s as simple as “Buyer is katiem and assigns” to give you this flexibility. It should be a one hour exercise to get you teed up.

Good luck!