Posted by Jason on March 15, 2001 at 21:15:45:
This is what I know so far…
198x model (not sure of year) MH on 50x115 lot w/ 6ft privacy fence surrounding the property.
Owner said 2-4 bedroom (has addition) with 1 bath.
Completely renovated (carpet, kitchen/bath flooring, wiring)
Includes all appliances.
She is asking $43,000 !?!?!?!
Will finance $5,000 down ($2,500 “retainer fee”-that’s what SHE wants to call it (basically, option money) and $2,500 within 1-2 months (“The retainer fee will guarantee I can’t sell it to anyone else”)
$38,000 balance -we will discuss interest and length of term later. She said “whatever my attorney figures out”
No credit check (good thing, I couldn’t get financed for a pair of shoes.) 5 yr old appraisal @ $35,000.
Mobile next door is 1bd/1ba, sold for $53,200 last month-new owner put $10,000 of work in it and she says he could get about $60,000 for it now.
Lot on the other side has been recently cleared and owner will put a new or used home on it.
City will be re-doing the main street into the subdivision next month. It has all city utilities.
Good location- close to 3 interstates, airport, etc.
Ok, my plan is to L/O to a tenant with $5000 down, monthly payment to be determined by what my payment to seller is (what do you think a good l/o payment to the seller is at $38,000? What about my tenants payment to me (my spread?))
Please pick this deal apart. What else should I ask? What should I sell it for ($50-60k?)