Posted by Steven-LA. on April 23, 2007 at 08:19:06:
Thank you very much for the info. I’m going to the bank today and see what happens.
Steven
Help!!! 2 MH on 2 Lots. Same Seller! - Posted by Steven-LA.
Posted by Steven-LA. on April 22, 2007 at 22:14:51:
Hello guys,
I Really need some help here. I have a purchase agreement on a DW with Land and a SW with land by the same owner. The Single wide is paid for and i was wondering if i could maybe get the owners to deed the SW over to me and i use that as Collateral to buy the DW. For the price im getting the two for i’m thinking this might work but i’m a beginner. Please can someone HELP me come up with a few good creative plans. my goal is not to use any of my own money. The owner will assist somewhat.
Any help would be greatly Appreciated.
Thanks,
Steven- Louisiana
to me, the obvous solution - Posted by Marty (MO)
Posted by Marty (MO) on April 22, 2007 at 23:34:15:
since the seller’s already willing to “assist somewhat”, just have him
carry a second. Lenders typically want 20% down. If he’ll carry the 20%
(or more), you’ve hit your goal of not using any of your money. Of
course, this is assuming that the property apprasies for at least as
much as you’re buying it for.
That’s the first thing that pops into my head… I’m sure others will have
ways to skin this.
Good luck.
Marty (MO)