first deal ? - Posted by CC

Real Estate Investing Mobile Homes & Mobile Home Parks
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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.

John Hyre

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first deal ? - Posted by CC

Posted by CC on May 17, 2000 at 23:30:06:

I am going to try to put together a deal tomorrow. I have a house (95 14 x 70) that I was trying to sell on consignment for a lender. I have a buyer that they won’t finance. I am going to offer them 8,000 on the house. If I get it for that I will have about $9,000 in the house after setup. I am going to do a lease option with $1,500 down and payments of $250.00 a month. (If this was a sell it would be for $17,500) I am going to have a paid up 7 year lease on the lot signed oved to me untill the sell closes or the 7 years is up. I will get $250.00 a month rent for 3 years, except the month of April the payment will be $1,000. The oiption price at the end of 36 months is $11,272.36. The buyer has agreed to this. If this works out my return will be about 50% I think. Does this sound to risky. The lot will almost belong to me for 7 years if she does not pay good. So I could rent it out or resell it on that lot. The lot belongs to her X Father in law.
Sorry this is so long, also YES I KNOW I CAN’T SPELL.