Hey there all you MHP guru’s! My wife & I are attempting to buy our first mobile home park to kick start our portfolio and need some wisdom on obtaining financing with no out of pocket money. ALL of your thoughts, suggestions, tips, etc. are greatly appreciated!
Our train of though is to try and find a medium sized park and negotiate an owner financing deal for 80-90%. However, we will need to obtain the down payment of the remaining 10-20% + all closing costs from a 3rd party investor or hard money lender. Is it possible to structure a deal like this? I did read that Frank bought his first park for $400,000 putting down only $10,000 and the owner carried $390,000 non-recourse. That’s exactly what we’re trying to do. Does this sort of deal still take place?
We live in San Diego and DO NOT want to even attempt to invest in the extremely inflated and over priced SoCal market. Our money & risks are best kept in perhaps Texas, Florida, or South Carolina where we have family and the investments are much more affordable. So my next question is do you guys buy parks outside of your state and monitor them from afar or should we still to our own backyard where we can easily get there?
Lastly, if any of you would like to partner with me or perhaps finance a bridge/closing cost note for one of our deals please email me at firstname.lastname@example.org
Thank you so much for your responses!!!
Joel & Heather
GOD BLESS!!! John 17:3