Hi, I was wondering if anyone has experience in wholesaling MHPs and can explain the time frame and process. For example, I have a park on contract now, have $1000 in escrow, and have a LOT of documents. I’m starting to call potential assigns and don’t know if I should start sending docs to the new potential buyer(s) and/or discuss with the seller. Also, does my earnest money stay in escrow the whole time the the 3rd party is doing due diligence? How involved should I be in the due diligence process?
I know Frank and Dave are experts on this subject, but I’ve assigned a few properties in the past - several single-family home deals and one mobile home park. I like to define in the Assignment Agreement the amount of money that will be paid to replace the earnest money and also define how much money will be paid to the Assignor at closing. For example, if we agreed to a 20K assignment fee, I would commit 1K to replace the earnest money you have in escrow and also pay 19K at closing.
We currently own 3 parks and might be interested in your deal, depending on the size and location. Send me a PM if you want to…
We purchase mobile home parks. If the deal is attractive to us, we’d certainly work out a mutually agreeable solution for your earnest money and pay a referral fee.