I am a builder in Portland, Oregon and I am conducting a comprehensive market study that will include all the mobile home parks in the Portland Metro Area. I am looking for parks that are below market rents. Also, I am looking for a park that I can implement a bill back system for utilities, and will pay special attention to parks that have a significant number of vacancies.
Once I have completed this study I will need an investor to put a down payment on the Park and an investor who will provide capital for any value-added improvements that may be needed. If I can negotiate a seller finance/carry-back there shouldn’t be a need for a loan guarantor. If I can’t obtain seller financing, I will need to locate an individual who is able to guarantee the loan. I’d like to pay the guarantor a flat fee for signing.
Essentially, I am looking for short term money…no longer than three years (ultimately I’d like to flip the park in a 12 month period) I will offer investors a competitive interest rate. I would like to structure the deal so I pay interest only payments until the end of the term, at that time I would make a balloon payment to exit the investor from the deal.
This is a good opportunity for an investor who wants to receive excellent returns in a relatively short period of time, with low risk.
I have bad credit due to the housing market crash in Sacramento, CA that left many of our SFR homes distressed. I am seeking an investor that provides capital for the project based on the merit of the deal, accurate financial models indicating growth, and the recording a 2nd lein on the property.-not on my personal credit standing.
Any leads you provide would be much appreciated. Where is the best way to network with trustworthy investors who specialize in mobile home parks?
I would really appreciate any comments that you might have regarding ways to structure the deal with very little money down. Lastly, I would appreciate some insight from successful MHP owners regarding 'red flags" I should watch out for when considering to make an offer on a park. Any ideas on what to specifically look for when buying a park ? What are some indicators that suggest a park is worth buying?
Thanks for your time-