I have a story that incorporates seller financing and persistence. There was a mobile home park for sale in a town that I was not super familiar with. I started calling other mobile home parks in the area to get an idea on what they charged for lot rent and for rent. As part of my conversation with these parks, I asked if they were interested in selling their parks. I found out that two of these parks were interested in selling! I was stoked! One park, we made an offer on and went under contract on and worked to wholesale it. I had a lot of interest from investors but they all felt it was priced too high. I ended up having to cancel the contract with the sellers. However, on another park that I made an offer on, the seller was open to seller financing so I decided I wanted to keep the park for myself rather than wholesale it. The park had RV sites, some mobile homes, and 2 houses. We were able to purchase the park on a 10 year term with 0% interest with a balloon payment due at the end. The seller got what they wanted for a monthly payment and so there was no need to have an interest rate. The seller wins because they get to delay the tax consequences of the sale and we win because we have a cash flowing asset now and are paying it down, plus we get to claim depreciation on the mobile homes for our taxes. We had never owned an RV/Mobile Home Park before but we decided it was a deal we didn't want to pass up and we would learn as we go! Also, the other park that I mentioned we tried to wholesale, the owner decided to fix up his park instead of selling it and we still keep in touch and talk often and exchange ideas and resources so that has been a win for both of us. I am hoping to find some mobile homes to wholesale to this other owner for his park. I have definitely seen the power of persistence and also the power of networking!
By Christina Haws
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By Christina Haws
IF YOU LIKE CHRISTINA'S STORY - please like, comment and share on our social media so that he has a good chance of winning the $250 Visa gift card.
Here are the links:
Facebook: https://www.facebook.com/returnrealestate
Instagram: https://www.instagram.com/p/Crtj9JLJeyb/
Twitter: https://twitter.com/returnreutah
IF YOU HAVE A STORY TO SHARE - please visit: https://www.returnrealestate.com/contest-page.html