Re: All about foreclosures

Mobile home parks that are in foreclosure, or going into foreclosure, are often great opportunities. The biggest problems with them are 1) very aggressive marketing = many offers to compete with 2) short diligence and financing periods 3) it’s often hard to get a bank to have an interest in a park that has already failed 4) often urgent turnaround situations where the owner has completely abandoned it for a long time and it needs total attention. You can sometimes get the bank to carry the debt, so that could solve the financing piece. On the turnaround portion, the key is to make sure the problems are not expensive to fix. As for competing with many offers, just take your best shot and know going in that your odds are 1 in 10. As with everything else, it’s all about volume.