Posted by lyal on March 04, 2002 at 17:43:46:
Nan,
Search the archives on the mobile home and financing archives for LOTS of information.
All the best, Lyal
financing mobile home parks - Posted by nan maio
Posted by nan maio on March 04, 2002 at 15:11:19:
DEAR SIR
I WOULD LIKE TO PURCHASE A SMALL MOBILE HOME PARK BUT FINDING FINANCING HAS BEEN A COMPLETE “BEAR” ANY ADVISE THANK
Re: financing mobile home parks - Posted by Gladys_IL
Posted by Gladys_IL on March 06, 2002 at 08:49:41:
I might be able to help.
Send me an email or call.
Gladys M. Gort
ggort@aol.com
815-363-0233
Re: financing mobile home parks - Posted by phil fernandez
Posted by phil fernandez on March 04, 2002 at 18:16:49:
The fact that financing is tough to come by with mobile home parks could work in your favor. If you are having trouble finding financing, there must be many others in the same boat. If the seller truely wants or has to sell and no financing is available two things come into play that puts you in the drivers seat.
1./ If you are able to find financing when most can’t there should be a good discount for cash.
2./ If there is no financing for parks out there the seller will have to finance the deal for you. You willprobably get a low interest rate and will be able to tailor the terms to your needs.
Combine the two ideas above. Start by getting good owner financing terms from the seller. After making a few payments offer to cash out the seller at a discount. You get the cash to discount the owner financed mortgage with private investors that may have money hanging around bank accounts in CD’s getting 3%. Your job is to convince them that they can do much better than 3% interest.