Mobile Home Investing: How do I structure the financing?
I am a real estate agent from upstate NY and am very interested in the world of investing. I have been following BP for over a year now and constantly looking for ways to invest.
I have a MHP owner that is looking to sell and I would like to do owner financing if i can propose an attractive offer to the seller. How should I go about doing this?
Owner wants $200,000 for the park
At full capacity: rental income is $5225/month; $62,700/year. With estimated annual expenses of around $6000 a year.
All but one homes is owned by the seller and being sold with the park. 6 of the lots are currently vacant some need some work to get them rented out. To get the park up and running to full capacity is going to take some capital also. I am in the process of having a contractor quote me to repair all MH that need it. Estimating that to be $15000-$20000.
I have enough money to put 10-15% down and would like the seller to hold the note... how can i structure this? My ideal goal would be to buy, rent and refinance within the next 5 years with a bank. Any other creative financing ideas?