A Triple Agreement in MHPs

[John Boutros]

Hi MHP Investors,

Curious if you have any experience with the following scenario: 

We are looking at acquiring an MHP with seller financing. The seller of the park (owner 2) has a sellers note with the prior owner of the park (owner 1). There is some dispute with the current seller and previous owner of the park over back taxes on the park. 

In the effort of making this deal happen, has anyone gone into agreement with two other parties, to come to terms and create an agreement that can please both parties to make the deal happen? Essentially creating a new note with the seller (owner 2) and the original owner (owner 1).

Its a unique scenario my partner and I haven't encountered before. Curious to any thoughts!

Thanks,

John

[Will Stewart]

Hi John

It’s definitely doable. Just make sure you understand if there are tax liens and if so, how those get cleared (aka make sure attorney reviews everything). Situations like these can get you a property others might run away from. Let me know if you want to bounce any ideas off me