Viability of flipping MH home park note - Posted by Phil

Posted by Michael Morrongiello on May 18, 2000 at 21:56:04:

You are on the right track, mobile home parks that are smaller mom & pop type facilities are notoriously hard to finance through traditional lenders. Structuring an owner finance 1st lien or a 1st lien and a 2nd lien where the 1st lien can be sold to get the seller a significant amount of cash is the way to go.

I have a specific questionaire that I use to evaluate the quality of the park (this determines if its a two star, 3 star, 4 star, etc.) & facility. Once this is determined, the structure of the note(s)can be accomplised.

To your success,

Michael Morrrongiello

Viability of flipping MH home park note - Posted by Phil

Posted by Phil on May 18, 2000 at 15:28:33:

Hi! I am a newbie who has bought and read the Carlton Sheets course, ordered the Deals on Wheels from Lonnie Scruggs, and am extremely motivated! In the meantime, I have run across a deal on a small MH park for slightly less than 300,000 that seems to be really good. I have good credit but the owner wants most of the money in cash and I would not want to tie up my credit that much. I am wondering if it would be possible (or smart) to get him to take a note for the cash he needs and then sell the note right after closing. I have read as much as I can from this site in a small time but I am still not sure if this is either smart or even doable.

I am amazed, in reading the posts on this site, at the generosity of the people who are willing to share their experiences!

Thanks for any enlightenment you can give.