Posted by Dave Swett on March 24, 2001 at 21:12:55:
If this is a wealthy park (a lot of spaces), ask them to make a loan to pay for the moving costs, then offer the newly placed MH as security for the loan. If I remember some other posts, you are doing deals all day long in your area. If so, you could possibly offer one or two other MH loans/security agreements as collateral for the park owner. Negotiate a monthly payment to handle both the lot rent and an payback installment payment for the $2000 moving loan.
Depending on the park owner motivation and your skill of negotiation, you might be able to simply offer the MH as security (maybe with your personal guarantee–you are on the hook anyway, if you want to do future business in this park) without any kind of loan repayment at all. The $2,000 is a business expense to the owner because you are a “Good Joe” and have got new pad lot rent income coming in on an empty pad.
Let me think for a second, if I was the owner, with no income on a pad versus the potential of having a go-getter bring me a performing MH deal with a future income of $200/month, would I be willing to pay $2,000 to make this happen? Pretty good payback period. Someone else does all of the work. I think we have a deal.
Good luck, David