I’ve been talking with an op of a MHP . We have a lot in common and he has a desire to see the people and park taken care of by someone local. I’ve become interested in this space and pitched an idea to him as a way for me to get into the opportunity without having a lot of capital tied up. I asked him if I could lender finance the deal and if he would be willing to owner finance the down payment. He said he was totally open to a creative option like this which was encouraging. I also would like to purchase from someone willing to invest in my growth as I learn and he seems willing to which is awesome. The issue is that most lenders want to see the roads paved and the houses predominantly owned by the “tenants”. This park is not a paved road park and currently the park owns 13 of 18 homes. So my question is has anyone seen a process like this through, and how did it go? As well , does anyone know of any lenders that would lend on a park like this?
He’s received two full price offers and hasn’t accepted because he wasn’t comfortable. He’d like me to proceed in investigating this option...
Thank you for all who are able to help...
18 pads , 13 owned homes, room for expansion. One stick built home.$10,100.00MONTHLY INCOME
9.09%PRO FORMA CAP
$72,150.00TOTAL CASH NEEDED
58.33%CASH ON CASH ROI
11.88%PURCHASE CAP RATE
10% down payment @ full price. Just for numbers sake.