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Updated over 7 years ago,

Account Closed
  • New to Real Estate
  • Johnson City, TN
8
Votes |
20
Posts

Building a partnership for mobile home parks

Account Closed
  • New to Real Estate
  • Johnson City, TN
Posted

I'm stuck and need help finding the next piece of the puzzle! 

I would like to structure a partnership to purchase a 15-30 lot mobile home park in the NE Tennessee area. How would you structure the partnership given: 

1) The purchase price will be around 450k 

2) I may qualify for a commercial bank loan with 115k down (a loan officer said I would qualify, but I don't want to count on it too soon). 

3) I can find owner financing deals with around 100k down

What I have to offer:

1) 50k

2) I am able to do almost any type of renovation work (I'm a full-time flipper)

3) Flexibility of time/extra time

How would you structure a partnership in this scenario ?

Can/should I just use a 65k private money loan instead and how would I structure and secure that loan? 

Thank you all very much for your help, it makes life so much easier!

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