All Forum Posts by: Ryan Wanner

Thanks for the questions! Yes the money was placed with a title company. The reason for the back-out was due to a couple things. 1. We were unable to produce financing. 2. We felt as though the value wasn't what we originally thought as we moved forward with our diligence. It was within our inspection period. In our contingencies we have the ability to cancel the agreement at anytime during the inspection period for any reason and be entitled to a full refund of the earnest money. If there are any more questions please let me know. Thank you so much for all of your help. 

We are currently working with a seller in Missouri on buying their mobile home park. We have decided to pass on the deal for a number of reasons, however we are currently having a dispute over who is entitled to the earnest money deposit. The conract clearly states that the money is to be returned to us. I was wondering what our next steps are to move forward with the retrieving our earnest money. Thanks guys, any help is really appreciated.

Ryan

Hey Guys I currently have a mobile home park under contract for roughly a 12 cap. As it stands right now we are having trouble acquiring financing for the property. So I was looking at potentially assigning the contract for a fee. Where would you guys begin to look in regards to finding investors who would be interested in a property like  this? When I say investors I mean financing for myself, a joint venture partner or someone to assign the contract to. Any help or ideas would be great. Thank you so much for any help you guys could offer!

Ryan

PS- The property is not local to me so I have tried the local REIAs in the area and have had no success with them. Thanks again everyone!

I would be sure not to let one dealer own more than 10% of the homes in your park as you don't want to give them that much power over the park. I have heard horror stories where the lonnie dealer can strong arm the park owner by threatening to move all of his homes out of the park.

Also as far as selling the homes go have you been trying to sell them straight up? If so you could try using a lease option or rent to own strategy to reduce the upfront cost for the tenants. Make sure you get a down payment though. Not a security deposit, a non-refundable down payment. That way if they decide to split in the middle of the agreement you can always resell the house and you have already made a decent profit on it.

Ryan