Posted by Steve W (WA) on February 27, 2002 at 08:08:13:
Depends on what the market will bear - and remember that most buyers only are concerned about (a) how much down, and (b) monthly payment. You can structure whatever you want by changing interest and/or length of loan. Go with the formula: 13%, their monthly payment, their downpayment (be negotiable, if they are reasonable - I love that part!), and figure the length of loan to double your investment.
$350 lot rent, figure a low payment so they can do it:
PMT $200
PV $6000
INT 13%
That makes the N to be 36.47, so now round it off:
N 36
and tweak the interest, I get 12.25.
Work the numbers to get what you want -
We all wish you luck - go get 'em girl!
I think I’ve got myself a MOTIVATED SELLER. He doesn’t quite know it yet but he’s on the right path. Here are the details: 1972 Fleetwood, 12x50, 2BR, new bathroom, new water heater and new door. I just got info over the phone and have only seen the outside during a drive-by(FSBO sign in window).Could stand some fresh paint but not too bad looking.He’s asking $3000K but came down $500 w/one question over phone. Lot rent is $350(yikes). He has already moved out so I’m sure he’ll get a lot more motivated. This sounds like a tesxbook Lonnie deal to me. I haven’t talked to PM yet(will do so first thing tomorrow) but in the meantime can someone advise me on what I could reasonably expect to sell this for if it’s in decent shape inside. Also I’ve discovered that here in CT mobile homes are considered real estate and that is making me a little nervous in case I have to repo down the road. Won’t it be a long process? I think I’m just getting cold feet because I’m close to to DOING A DEAL. Help me be strong!!! I really need to prove that this really will work like you all say it does cause I’ve got a real doubtful person that needs convincing(the husband).
Thanks for being there, wish me luck