Hello,
I have 25 years experience as owner/operator of up to 8 parks. Selling all my parks in Sept and looking to redeploy proceeds as a limited partner, tenant in common (TIC), or other passive structure. I can provide advice but do not want day to day operations.
thanks
Bret
parkviewmhp@gmail.com
3 Likes
Bret, I sent you an email to discuss.
Hi Bret, I emailed you details of a project
One Strategy that I have seen used before, is a seller carry back. Sell your properties as a portfolio. Keep all the financing in place and carry back a all inclusive note/wrap around note.
Or you can set it up as you being the lender for mezzanine financing.
Basically, the new buyer forms a new LLC and you finance the LLC. If they default, your debt turns into equity in the LLC. This would avoid a foreclosure on a property level. As the Debt is on the Entity level.
The benefit for you is that you will be out of the day to day operations, but still have a backstop that is easily converted back to equity. It may also avoid a taxable event. Consult with a Tax Professional on that one.
Anytime a new property is purchased there is a greater risk. IE a Known performing asset is more valuable (at least to me) than buying a new property. Every park I have ever bought has come with some “surprises”. Knowing the parks history and your management/maintenance history is pretty valuable for both you and the potential buyer.
2 Likes
Hey Bret, just sent you an email
Bret
Are you still looking for deals?
I have a community I am building in Lufkin TX, this will be a higher end community with ÂĽ acre lots.
Thanks
Frank
Hello Bret, I sent you an email
Hi Bret,
Sent you an email mail looking forward to connecting I’ve got several good options to structure what you’re aiming for, thanks.
Ryan