Posted by Steve Heller on December 17, 1999 at 07:22:39:
Motivation or lack of it makes all the difference. We cannot get emotionally tied to a property or should not anyway.
Financing Mobile Home - Posted by NW
Posted by NW on December 15, 1999 at 15:12:31:
Have found double wide mobile home with Realtor. They are asking $44,000 which covers two nonasumable loans on mobile, Realtor commission and closing . Mobile rented for $550 which is market. And renters want to stay but have no money for down. Can only make monthly payments. (medical problems) Mobile should sell for about $60,000 according to comps.
Thought about trying to get a 70% loan on $60,000, which is $42,000 and caring back a $18,000 second, and then selling the second. But still short closing costs. And with no
equity in home, no one I checked with wanted to buy it.
I am broke (Da, Who isn?t) and a IRS tax lien ready to attach any property I buy in my name.
Have been trying for four months now and all offers have been rejected and I am becoming a little discouraged at this point.
Thank you for any help anyone could give me.
Re: Get that property out of your name. - Posted by Steve Heller
Posted by Steve Heller on December 16, 1999 at 06:54:49:
You should probably have an LLC in place before purchasing this property or any others so the property will be out of your name. Don’t use your surname in the LLC. Of course, that is, if you purchase the prop.
Re: Financing Mobile Home - Posted by David C
Posted by David C on December 15, 1999 at 20:08:55:
NW;
If the mobile is on its own land,( and I am assuming it is since a r.e. agent is in the middle,) any and all creative real estate techniques that you read about on this newsgroup will be workable in this type of situation. If the house is in a park, this deal will become an alligator overnight and should be completely avoided. Throw some more details (like where its at, how motivated are the sellers, etc.)on the board or e-mail me with specific questions if your more comfortable with that approach,
DC
Please read “Deals on Wheels”… - Posted by Tony-VA
Posted by Tony-VA on December 15, 1999 at 16:38:57:
by Lonnie Scruggs for sale at this site. This book will assist you greatly. It will not only show you how to buy mobile homes for less than $5000 and sell them for twice that. Many of the homes are purchased for far below that amount. This book will also show you why the deal you mention would only continue to put you in a HUGE financial hole. It appears that you are in a cycle that continues to work against you financially. This book will help you see why decisions such as these work against you, rather than for you. This book could very well change your life as it has many of us. Take a moment to invest in yourself. Arm yourself with the knowledge to put yourself in the driver’s seat. Gain some information that will pull you out of this unfortunate cycle.
The book is very easy to read and is far more valuable than what Lonnie charges.
Best wishes to you,
Tony-VA
Re: Financing Mobile Home - Posted by NW
Posted by NW on December 16, 1999 at 07:43:17:
David C
Thanks for the reply.
The moble is on its own land, not in any park. The sellers just want to pay off the existing two loans, non asumable, and the r.e. wants a commission. Mayby I am a little slow in understanding which deal will fit, being new to this, I’ve gone over a lot of the deels from the site. still haveing trouble working the numbers.
NW
Re: Financing Mobile Home - Posted by David C
Posted by David C on December 16, 1999 at 22:38:36:
The “numbers” in any creative deal are secondary to the motivation of the seller. Why do they want to sell? Why are they “willing” to take the payoff on the loans + commission to the medler? whats the real story? Are they in foreclosure? Has someone lost a job? Did they have a house built and need to sell to close on the new place? Does the mom in law want to move in? Have the neighbors become Amway distributors?
The motivation of the seller is paramount to doing creative deals.
Now whether this deal works or not, please don’t start feeling that you’ve failed because you haven’t found your first deal yet! You are so much better off working on the first deal for years, rather than buying into an alligator that could bankrupt you!
I feel your difficulties may spring from trying to find the “right” deal, house etc. Give that up and look for the motivated sellers. Only when you have found one and know the real motivation does the numbers or house or location or phase of the moon come into play. (Plus it is so much easier to actually get deals done, not to mention being much more profitable!)
Sorry for the long post!
Good luck
dc