Posted by John Merchant on October 07, 2005 at 16:44:42:
If you’d tell what state it’s in, you’d probably hear from some REIs in that state and you could confer with them and get their advice & suggestions…and maybe use their capital to put this together…hey if it’s WA, ID or OR, I could be interested.
If you do, make sure they sign a Non Circumvention Agreement, agreeing not to go around you or make any direct contact with the MHP owner.
Need suggestions on structuring deal. - Posted by Tbyrd
Posted by Tbyrd on October 07, 2005 at 12:10:54:
I’d appreciate some suggestions from “knowledgeable” individuals as to alternatives to structure this deal.
My partner & I have run across a 61 yr old male w/3 mobile home parks. He has had 2 heart attacks and doesn’t expect to survive a 3rd. He doesnt’ want to leave his wife with the management hassles of the 3 parks and is looking to sell. Considering capital gains, right of survivorship,land trusts,etc,etc. I’d like to offer him a deal that will allow us to buy basically w/no money down and give him what he wants.
Some thoughts that have come to my mind is using a master lease w/option, or land contract, or land trust in conjunction with these. I don’t know at this point if he’s looking for a lump sum or monthly cash flow, but I’d like to steer him towards long term passive cash flow. Thanks for your suggestions and comments.