So I have a lead on a mobile home park. The owner called me after my first mail campaign to him. Our conversation was a little odd because he said he didn't want to sell the park, he only wants to do a 1031 exchange because he is buried in taxes. Otherwise he will just let it go back to the IRS. Obviously the issue here is the taxes he owes. He did call me so he must have at least some motivation to sell or to find a way to get out of this bind he is in. I still have to get more info about the specifics of this park and his tax dilemma.
I have several questions about this and I am interested to hear some creative feedback.
Thanks in advance for your help!
1. What happens to the park if he just lets it go due to not paying taxes?
2. Is it still possible to purchase it after it defaults?
3. He doesn't seem to want to discuss anything unless I have another property for him to 1031 into. What are some other creative ways I can help him (and in turn purchase the park) without trying to find a property he would like to do a 1031 into?