Im looking into a nice MHP with plenty of upside in the Midwest. The property is currently 16 units, there was 38 spots on the property but many of them had to be torn down so utlities are in place at the moment. From what I can tell the current owner is burnt out and has totally transformed the property from my research. She owns 5 units total now and 3 are on rent to own.
The Property is an hour outside of a Major Metro. Has city sewer, water and city streets. All utlities are paid for by the tenants except the water ( very costly and part of my plan of action for this property).
The seller is willing to hold a 2nd position on the property 50% of the purchase price ( roughly $150000) for 5 years.
My question, is it possible to get bank financing on the property for the other 50% of the Purchase price ($150,000)? Are there any caveats when financing like this with a bank? I am hoping to reserve my capital for the addition of homes and overall improvement of the park.
My end goal would be in 3-5 years refinance the property.
Any help would be great guys.
Where is the park located?
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