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Updated almost 12 years ago, 01/17/2013

Kris Fox's profile image
Kris Fox's profile image
Kris Fox
  • Flipper/Rehabber
  • from Greenville, SC
  • Member since Apr 12, 2011
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User Stats

74
Posts
22
Votes
Kris Fox's profile image
Kris Fox's profile image
Kris Fox
  • Flipper/Rehabber
  • from Greenville, SC
  • Member since Apr 12, 2011
Connect
Kris Fox
  • Flipper/Rehabber
  • Greenville, SC
22
Votes |
74
Posts
Innovative Strategies

Negotiating with 2nd and 3rd mortgage holders for a MHP

Kris Fox
  • Flipper/Rehabber
  • Greenville, SC
Posted

I'm looking at a 10-unit mobile home park that has a tax value of 260k. It has total notes as follows:

160-170k 1st
80k 2nd
6k 3rd

for a total of 246-256k

How would you go about negotiating with Junior lien holders assuming this park will not sell for more than 80% (if that) of tax value given what I know about my area?

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