Join Date: Nov 2012
Location: SOUTH/SOUTH EAST/ COASTAL OUTER BANKS
Thanked 470 Times in 244 Posts
Conflict Of Intrest
Here is my question to you seasoned vets out their in the P&P industry.
I have access to a mobile home park that i know is in foreclosure, i also know that it has a violation on the park, a major code violation that i can cure at a reasonable price. which is noted on park entrance.
I have be asked by one of the company's that i work for to cure this violation, but if it is done threw the service company it going to cost a heavy fee for me to do the work. The city in question has changed some rules governing the mobile home parks in this area recently.
I also know its s a failed partnership which will in up in a forced bankruptcy court ordered sale.
Now here is my question, how should i approach the bank about buying the park with out them know all the info i have on the part? going to owner at this point is out of the question, but i do know that its listed on Zillow as being in pre-forcloser.
I all so know the tenants are making the rent payments direct to the bank. I also know as per zillow and the tax map number and taxes paid last year that their this is a fairly sizable income producer.
I also have the cash to buy the park out right at this point. I know this because the park was sold to the new owners last year, and the selling price is listed.
i was wondering if this would be a conflict of interest, and what would be the consequences of such a buy out.. also i have a 2nd corporation already set up under a different name for my rental properties which i could use to buy the park.