Posted by Anne_ND on April 15, 2007 at 13:41:04:


It’s very likely Ray’s book will save you from mistakes that could cost you 10-1000 times the cost of his book. There’s good stuff in there.

I’m not from FL. I did attend Tony’s bootcamp #2, and was on the periphery of bootcamp #3 (was at Lin’s). You may have seen me speak in FL, hence the confusion.

good luck with your venture.



Posted by John B on April 15, 2007 at 07:12:54:

I have located a mobile home park that I want to buy, so I submitted an offer and a counter offer was returned, Long story short; The buyer will not carry anything back and will allow me only 45 days to close, I have a lender that says he can get me a 90% loan but that leaves me having to come up with about 40k which I dont have at the moment, the property is seriously undervalued by half (very conservatively). I have looked into borrowing against a retirement account I have, I have approached several family members, home equity line and CC acounts.
I am at a loss! Just asking for options that I may have overlooked or may be unaware of.
John B

Re: TROLLING FOR IDEAS - Posted by Anne_ND

Posted by Anne_ND on April 15, 2007 at 07:40:35:


I’ll assume you have done preliminary due diligence on this park.

If the park met my criteria, I’d go for private funds or use my IRA money, then put the offer in writing with at least 60 days to close. Don’t forget to include the phase I contingency clause (bank will probably require this anyway) and the financing clause.

If you are not clear on due diligence for a MHP I suggest you purchase Ray Alcorn’s book, available on this site. It has a great check list.

Just be sure you understand why the seller has this park “undervalued”- there are so many things that can be hidden in one of these deals.

As far as the money, I suggest you bring in a partner who gets some percentage of ownership in return for at least 20% of the purchase price, and a co-signer on the loan. The extra funds will be needed for repairs, etc. It would be ideal if the person who had the money also has experience evaluating commercial deals and could help with the due diligence.

good luck,


Re: TROLLING FOR IDEAS - Posted by John B

Posted by John B on April 15, 2007 at 07:59:52:

thank you I just ordered the ray alcorn book ( spendy little bugger)Are you the same anne from florida who came to the last carolina boot camp.
John B