Done Deal !!!! - Posted by Bassman

Posted by Jim IL on May 19, 1999 at 23:49:16:


Done Deal !!! - Posted by Bassman

Posted by Bassman on May 19, 1999 at 22:45:32:

OK , so people want to hear about my deal ,here it is.

Got a call a couple of weeks ago . People were getting a divorce , had a 1994 dblw wide 1800sf trailer on 4 acres.
They owed 35k notes are $418 . FMV is around 80k . Land is clear and free.
They were 3 months behind , about to be repo’d .
So here are the numbers :

FMV- 80k ( 45k for mh , 35k for land)

I put it in land trust , assigned beneficiary to me.
they get 7k for land , i take mh subject to the loan .

seller gets $875 at signing of trust papers $875 after they finish cleaning up ( was alittle trashed )the remaining $5250 in 5years , no interest , no payments. I know i may not be getting in “light” like lots of you want but…
for 35k worth of equity plus , i figured waht the heck.

my plans are to either wrap, or l/o for 1-2 yrs .
I can get about $825 for lease / month ( i already have several prospects from a bird dog )
Of course the idea of having 4 acres to play with is rather tempting , cant decide whether to sell the mh and 1 acre and rent the other 3 acres for other mh’s or just sell it outright .
Im so excited (giddy giddy ) . So thanks guys/gals for the support.

*SandyFL slaps Bassman heartily on the back - Posted by SandyFL

Posted by SandyFL on May 20, 1999 at 14:21:53:

(no trout this time)

Way to go, Scott!! Good for you!


Re: Done Deal !!! - Posted by rayrick

Posted by rayrick on May 20, 1999 at 10:40:01:

Congrats Bassman! Is this your first deal? Sure does feel good to get one under your belt, doesn’t it?

Keep up the good work!