David,
Need more details. What’s the income / expenses (to make sure it’s a deal), any park owned homes / rentals (age, size and condition), how old is the park (size of lots), will the lots accomodate newer homes (16 x 80?), city utilities or well / septic, status with county code enforcement, room for expansion?
The first thing you need to put together is a business plan detailing what you plan to do to turn this place around and how you plan to accomplish that. Then you can start making the rounds of the lenders.
All the best, Lyal
Posted by David on September 21, 2003 at 24:03:10:
Hi,
I would like to buy a MHP thats being forclosed now. it has about 100 lots and its 75% vacant. Where can i get financing for this park? Any ideas? Please reply.
Re: Forclosed MHP financing needed. - Posted by Eddie-Mi
Posted by Eddie-Mi on September 22, 2003 at 11:06:19:
This is probably one of 2 types of parks:
A development park that never got off the ground.
An older park that got really vacant because of old homes and lack of maintenance.
I would check to see if its a bank or a private noteholder. I would even call the owner getting forclosed, maybe you can still buy from him.
I just bought a 50 site park that was forclosed, I was patient and kept calling the private noteholder who forclosed. Eventually we agreed to a deal 15 months after he forclosed.
Bank financing is going to be tough unless you are experienced and have money because of the vacancies. Now if its still not sold in 6 months- then they might get creative.