Posted by Philip on August 26, 2003 at 06:38:00:
It is older and I have had trouble before with these tiny ones…but I might go higher. Shoot I haven’t sold it at a low price!
So, does the l/o work on these short term deals?
Philip
1st l/o. Does it work with cheapy mhs? - Posted by Philip
Posted by Philip on August 25, 2003 at 19:02:25:
If I Lonnie this deal it would be like this:
Total invested = $1,800.00
Sell on a note for $4,850.00 with $600.00 down at about $230.00 per month, with 12.75% interest. It would take somewhere around 2 years to pay off.
Can I still use L/O on this small of a deal? Is waiting 10 months long enough on the “option right” to kick in? Somewhere between say 10 and 14 months the lessee/buyer could exercise their right to purchase?
Will the short time frame seem like a sale to the IRS?
Also, many people around here use lease/purchase that is exactly like a Lonnie…with amortization an everything. I guess they haven’t run into trouble just yet.
Philip
Or will it seem to short of a time period to suit the IRS?
Re: 1st l/o. Does it work with cheapy mhs? - Posted by Randall
Posted by Randall on August 25, 2003 at 23:54:21:
I like where you are going with this. BUT you may have sold too low. At that price who wouldn’t say yes. Next time tell you buyer 230 a month for 48 months. Sales price of 8500. Sounds crazy right? Crazy like a fox. Remember mention payment first. Don’t dodge the price when thay ask. By telling them the payment first you know they are interested if they still ask price, and most buyers are more concerned with monthly payment then total price.