Mobile home park wholesale

[Anna L.]

I know one lady who is preparing retiring and want to sell her mobile home park.

I want to wholesale the property if possible.

Can any one explain how would be the wholesale process or any resources to study wholesale a house process?

She gave me some numbers, and some interesting parties contacted me.

[Mario Dattilo]

Anna the basic steps are this…

1) Evaluate the property and determine what it’s worth and what is needed to get it stabilized.

2) determine a fair and marketable assignment fee for you putting together the deal.

3) offer a price that takes into consideration the improvement costs, your fee, and an additional discount that makes the price you market it at attractive to an end buyer.

4) make the offer and negotiate until you have the terms you need. Be sure to build I. Plenty due diligence period and closing period. Remember you need enough time to line up the buyer and enough time for them to get their due diligence work and possibly financing completed. Pro tip: have the dd period clock start only upon receipt of all DD items from the seller.

5) get the contract executed and immediately begin marketing it to your buyer list. You will want to have a thorough breakdown of the transactions and as much supporting documentation available as possible.

The sooner you get your assignee lined up the better since the clock is ticking. Vet them thoroughly since you usually only have one shot to assign it and you want someone who can perform. 6) execute an assignment agreement with the assignee and keep an eye on the transaction through to close

7) close and get your assignment fee *use an attorney for the purchase contract and assignment to make sure you’re doing things correctly. Make sure your contract is assignable. *get the earnest money from the assignee and make sure it’s non-refundable with maybe a few exceptions (title/environmental/seller performance etc). *manage the transition from you to the assignee carefully as to fully disclose to the seller but to not make them irritated. This is tricky with some sellers as they don’t understand.

****biggest advice is to make sure it is a great deal and marketable. Be knowledgeable about it so your potential assignees can quickly understand it and go forward with it.

make it happen! 📈