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Updated almost 9 years ago on . Most recent reply
Typical Mistakes - MH Park - Seller Financing
What are typical mistakes when you buy a mobile home park with seller financing? What should I include and not include in the contract? What kind of lawyer to hire? Should the layer be regular RE lawyer or MHP specialty lawyer? Any information would be helpful.
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#4 Innovative Strategies Contributor
- Rental Property Investor
- Clarkston, GA
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#4 Innovative Strategies Contributor
- Rental Property Investor
- Clarkston, GA
We just bought a park after 12 months of negotiating with many sellers, which was after all 3 of us went to the bootcamp at mobilehomeuniversity.com which came with a good commercial contract template. You can buy the 30 day DD kit which comes with the same contract. But you'll have to self study on how to determine if your park is worth buying, and at what price. It's 100% certain the price you should pay is not what the seller is asking.
You can ask MHP old timers at the free forum at MHU.com as well.
Read the threads on buying parks in this forum.