First time offer to an owner of MHP

[Trudy Pachon]

We're thinking about putting in an offer to an owner he wants 30% down on a mobile home park  He will carry the rest of the loan  I'm a bit  confused because we're not using a realtor this time and we're going to try and do this ourselves we're going to hire an attorney to look over all of the paperwork once we get the deal rolling but to start the deal I'm wondering if anybody has any advice on forms or how to protect their earnest money deposit

[Curt Smith]

there is a mobile home mobile home park Forum that you should post this question too and better yet you should go and read back at least three months a lot of mobile home parks have been analyzed there and advice given on how newbies can offer on Parks.

beware seller finance deals can be good but often the price is too high and they become traps. meaning in three to five years before the balloon is due you cannot REFI at 70% Ltv without bringing cash. 

You must study how bank appraisers value a park before you take seller financing or you'll risk loosing the park at the end of the balloon.  Seller financing is great if you nevotiate,a price at Fair market value.  Then in 5 yr you increase value via many means and now you can Refi at 70% without bringing cash.