I have a small park under contract.
2 acres (County water and septic)
4 single wides (3br/2ba)
Currently rented $500 each.
Asking price is $80,000 but plan to counter.
My question is what's the best way to finance this size property being only 4 units?
Traditional mortgage on land and separate loan on homes? It's in a USDA approved area, will that apply to this type of deal with $0 down. What loan term would I be looking at also with this size and type loan?
Or should I try to get seller financing?
I will ask for seller financing, evaluate the land separate than the mobile homes if you are getting the 4 as park own,
What terms would you advise I ask for to be fair for both parties?
I don't want to insult the seller but also don't want to lose a good deal.
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