Mobile Home Park in NC

[Jonathan Norris]

Hello everyone,

I'm pretty new to BiggerPockets and this is my first time posting. 

I'm looking at purchasing a mobile home park (MHP) in NC.  I'm currently doing my due diligence on one that is priced at $250,000.  I have never purchased a MHP but have gone through a "MHP boot camp" home study course.

I have a potential business partner who already owns several small parks.  

My plan is to purchase the park with cash and sell (owner finance) 50% ownership to him.

I think my next step should be to find a good real estate attorney in NC to help set up the various aspects of this deal (any recommendations?).

I'm also wondering if anyone has owner financed part ownership like I am doing and if they have any advise?

Thanks!

-Jonathan 

[Wesley Branaman]

Welcome Jonathan to Bigger Pockets and to the MHP investing niche!

I suggest you listen to Kevin Bupp and @Account Closed's Mobile Home Park Investing podcast from start to finish. They provide lots of valuable information to help you get started. They really are a great group of guys and are very generous and helpful. You can even go to Kevin Bupp's website or send an email to the one mentioned in the podcast, and set up a free 30 minute phone call with them.

This is how I got started and I am now enrolled in the MHP Academy that they offer. I am still working on my first deal as well but I went from knowing little about real estate to having a few parks I am currently working on.

As far as the part ownership thing, it's not something i've heard of but hey, it sounds doable. Maybe someone else will jump on here and explain a bit more of how that would work.