I am a total newbie (just now reading “Deals on Wheels”), but I was just wondering how to get started on acquiring MH if you have bad credit and no up front cash available. Is it still possible to get started without those two things or am I SOL? Also, there is a mobile home park available in my area and I was going to call to get info, but I wanted to see if anyone knows what are the proper questions to ask?
You aren’t going to BELIEVE THIS!! - Posted by james (AL)
Posted by james (AL) on April 11, 2000 at 22:22:32:
We ran an ad in the local paper. “we’ll pay cash for your house or mobile home. Or, we’ll take over your payments -**”
An elderly lady called saying she bought a MH for her granddaughter 5 years ago. The girl bought a house and noone has been in the MH for 1 year , but gramma is still making the 237.70 payment every month.
“Will you take over my payment on this “95 model” if I just let you have it? I just want someone to take over these payments” there are 10 years left on the note.
We could rent this unit for 350/ month , pocket the difference for 10 years, then sell or continue to rent. We’re going to look at the unit tomorrow.
Can you believe this? A six dollar ad and a lady wants to give me 5 year old MH!! Well, better go call back the other people that have responded to the ad.
Re: You aren’t going to BELIEVE THIS!! - Posted by Tim (Atlanta)
Posted by Tim (Atlanta) on April 12, 2000 at 06:45:42:
Don’t mean to be picky here, but…
If you take over payments of 237.70, and rent the home for 350, you get a profit of $112.30. Does the tenant pay the lot rent in this case? Or do you? If you pay lot rent, this could get into a negative cash flow real quickly.
One thing I might recommend, have you thought of getting an option on the home and then selling it yourself? You sell the home for $2000 down and take over payments. You walk away with $2000 in profit, and you don’t have the risk of rental tenants trashing the home. Just a thought.