age of units - Posted by Rick Segers

Posted by Ernest Tew on May 04, 2000 at 05:42:27:

Buying repossessed homes can be profitable. But, keep in mind that those “with $500 and a pulse” often don’t relate to price. It’s how much down and how much a month. Usually, they don’t even ask about the interest rate and the few who do often don’t know what it means or how it works.

You will usually find that the repossessed homes are not worth what was owed on them. The lenders usually know that and will often accept 60% to 70% of the loan balance if you can pay them cash.

Acquiring homes and land can also be profitable. When reselling, it is easier for your buyers to obtain financing when the land is included. But, know your market and don’t pay too much. Also, having your homes spread out can add to the time you will need to devote to managing the business.

age of units - Posted by Rick Segers

Posted by Rick Segers on May 02, 2000 at 19:34:03:

I potentially have access to to foreclosed mobile homes. Some in parks some on private land (included with the home). They are relatively new doublewides (less than 5 years) I don’t know what the equity situation is like. Most were bought from local dealers who’ll finance almost anyone with a pulse with $500 down. Are these too new to make money as rentals or re-sales? Existing lenders may be willing to help on financing.