All Forum Posts by: Jonathan Norris

Howdy folks.  I know this is an old thread but wondering if anyone has bought any properties or recommends any agents in Puerto Rico?  I'm headed there this weekend for a vacation and want to check out the market while I'm there.

Thanks for your thoughts and inputs!

@Wesley Branaman, I'll check out the podcast you mentioned.

@Zach Mitchell, I think I used the wrong terminology in expressing what I'm trying to do. My LLC would own 100% and would sell a percentage of ownership to my partner. He would give me a downpayment and finance the rest with me at a competitive interest rate over an amortized schedule.

I'm in the military and often stationed outside the country.  By bringing in a partner with experience who pays me a cash downpayment and a monthly loan payment, I'm able to drastically reduce my risk and maintain a monthly cash flow that is basically equal to the cash flow that I would have if I maintained 100% ownership.  That is, I would at least maintain that cash flow for the life of the loan.  If he were to pay the loan off early, I would have a lot of my capital back with interest.  But I would still have a good cash flow on the property without the problem of having to manage it from another country (because my experienced partner lives near the property).  

I think what I'm trying to do is out of the ordinary and I realize it might not make sense.  Hopefully I can get a good plan together to make the deal happen.  Or realize that its a dumb plan and move on to something else:-)      

Hello everyone,

I'm pretty new to BiggerPockets and this is my first time posting. 

I'm looking at purchasing a mobile home park (MHP) in NC.  I'm currently doing my due diligence on one that is priced at $250,000.  I have never purchased a MHP but have gone through a "MHP boot camp" home study course.

I have a potential business partner who already owns several small parks.  

My plan is to purchase the park with cash and sell (owner finance) 50% ownership to him.

I think my next step should be to find a good real estate attorney in NC to help set up the various aspects of this deal (any recommendations?).

I'm also wondering if anyone has owner financed part ownership like I am doing and if they have any advise?

Thanks!

-Jonathan