Posted by JHyre in Ohio on May 18, 2000 at 11:49:22:
For $9k I could buy and refurbish at LEAST 3 homes and sell each for @$12,500 with $1,000 down on each. So, at least in my market, your money could find a more profitable use. I suspect that the same is true in your market. Also, I dislike lease-options on mobiles…because mobiles DEPRECIATE…thereby increasing the chance that a buyer walk away when the balance owed is greater than the fair market value. In addition, buyer has a much greater chance of holding you liable for “things” if you lease to them as opposed to flat-out sell and carry note. Demographically, MH dwellers and people with poor credit are fairly litigious…often out for a no-risk buck. Liability shields are therefore important when dealing with this class of buyer.
It takes a little time to develop leads for good deals (at least it did for me)…but it is time well-spent. Unless you have more money than you know what to do with, I’d pass. Don’t worry, I can’t spell either!
Note: Your post was unclear re the lot. If you are talking about owning the MH AND the lot, this deal may be worthwhile. I assumed that you would not own the lot itself.