Advice With Deal - Posted by Robert (AL)
Posted by Robert (AL) on May 02, 1999 at 12:37:05:
I have a mh deal that I think could go through but I need some help with the logistics, here goes-
1985 14x70 Rosemont 3 bdr/2 bth
central A/C,refrigerator, elec. range, 6x8 wood porch, vinyl skirting, ceiling fans, I can even have the power pole if I want it
mh is in very good condition, no leaks, no soft floors, etc.
Asking price $7200, she already said she would take no less than $6000 (I think I can “encourage” her to take $5500)
The mh must be moved (it is on her grandmother’s property, not a park) She will be out of the mh on 6/1.
I have a buyer looking for this very thing (3bdr/ 2bth). She said she could handle about $1000 down and payments of about $250/month. She wants a mh that she can move to some land she already has. She will pay for move.
I think I can sell it to her for $8000-$8500. I would structure the deal like this-
Purchase price $8000
Down pmt -1000
interest rate 12.75%
Financed for 36 months
To pay seller the $5500, I would have the $1000 from buyer plus additional $4500 from me. I don’t have that much to work with. I need to sell a partial note to come up with about $2500 in time for the settlement (maybe more in order to increase the yield on the money I have invested in the deal) What can I do to make this happen?
Any input would be greatly appreciated!