Posted by Ron Thompson on January 17, 2000 at 22:06:23:
Thanks.
Like I said, once the down payment is made I will have clear title to the homes. I am wondering if I could find the money as a 2nd on the park, or as you said against the homes. I have 54 homes to play with, all ages. A few are double-wides. Some are ready to go and others need work.
I would like to hear from any investors in central FL who would be interested in some of these homes. They can all stay in the park, and renters will be OK.
Posted by Ron Thompson on January 17, 2000 at 19:47:02:
I have a deal in the works for a Mobile Home Park with a lot of park owned homes. I need $300K for the down, and will be able to wheel and deal the homes after this is paid.
Question, would I be better off to sell as many of the homes as needed to get the down payment, or to try for an investor/loan to get this off the ground? Any comments appreciated.
Ron Thompson
Posted by DougO(NM) on January 17, 2000 at 21:52:27:
Ron
You should first make sure that you have two seperate transactions. One for the park, value based on current cash flow. Another for the Homes, based on what you would pay, ala for a “Lonnie” deal on each home. Total consideration would be the sum total of the park cash flow value plus the homes value. You will probably arrive at a substantially different value that what the seller has in mind. In any case, assuming that was to work out, you could require all homes to be delivered free and clear(or as many as the cash down would cover) and using investor up front money for the down, use the homes to secure them. Then pay them back as you sell the homes. Just a thought. But really, be careful on valuations when park owned homes are involved.
Doug