Has anyone here ever successfully bought a park from a wholesaler?
There is a wholesaler in my local market that seems to come across deals from time to time.
Can you tell me how this process went?
How did you handle DD?
(I know residential wholesalers often require you to do DD before signing the contract)
Did the contract require you to pay in cash or was financing available?
@Joseph Levi Parham You may want to talk to a few of the wholesaler's clients to see how their deals went when buying a mobile home park. Personally, I get these types of opportunities from time to time. But I haven't pursued any of them. If you're going to work with a wholesaler, you want to work with someone you've developed a relationship with who has a track record of finding deals for experienced investors. Good luck!
I don't see much difference between buying a mobile home park versus any other property from a wholesaler. With any wholesale you want to do your own due diligence and analysis, I love all my wholesalers out there but sometimes the ARVs are a bit optimistic.
Just be sure to check all of their underwriting and expense information like @Micki M. said.
Another thing is the wholesale fee...if its say $50k and you are pursuing bank financing, then is there a way to wrap this in? I legitimately don't know as the banks that I have asked about it say that they will not.