Have A Deal! Please Help!
Hello, I'm new to this site and want to thank everyone for posting such great information in the articles and forums for newcomers. I have found a deal for two mobile parks at $250k. The seller purchased the parks three years ago for $245k cash. The seller wants $160k at closing to purchase new home and is willing to finance the balance of $90k at 8% for 15 years. After expenses the N.O.I will be $2316 a month. Each park has been rented for the three years by the same tenants. There is a total of 24 units. This will be my first deal and I need help with the closing cost and my credit is a little damaged. Where do I go for help? Is this a good deal for me or am I getting in over my head?
Thanks in advance for your suggestions and comments.
You are going to need an appraisal of the property to submit to the lenders. Once you have done that the lenders will dictate what your next challenge will be. If your credit is somewhat bruised you may want to partner with someone that has good credit to get interest rates down, if you are low on funds then you may want to wholesale it or bird dog it out. If you can do it on your own though all the more profit for you. PM me if you have a specific question I would be glad to help.
Good Luck,
Kyle
I do not know if this will help, but I have had some success working with a few investors that have used their credit scores to purchase my properties. drop me an email and I can give you some numbers to call.