Advice Please...MH Loan Assumption - Posted by Dutcher (MI)


#1

Posted by DougO(NM) on December 01, 1998 at 08:01:07:

It depends, “Usually” these folks are upsidedown. Whats the balance on the loan vs. what the home is worth ? What could you rent it for ? If you are looking for a rental unit and you can rent it for more than the pmt and homesite rent AND the community lets you do this, then it’s of course a good way to pick up a non-qualifier rental. Just want to set it up so that you get the title when it’s paid. IF you get that far let me know, I can tell you about it. If there isn’t much difference between the loan balance and the value, theres not much else you can do with this deal.
Doug


#2

Advice Please…MH Loan Assumption - Posted by Dutcher (MI)

Posted by Dutcher (MI) on November 30, 1998 at 22:04:13:

Any advice from those who have done the MH scene?
I found an ad for a MH for no $$$ down and a “take over payments” type of thing.
Would this be a good lead to follow for a first deal or would you suggest something else?
Thanks for any advice in advance!

dutcher


#3

Re: Advice Please…MH Loan Assumption - Posted by John (KS)

Posted by John (KS) on December 01, 1998 at 15:41:29:

Give us some numbers and more detail on the make, model, year, size, location, etc.