Posted by Lyal on July 28, 2003 at 10:03:37:
Just a guess but I’d be concerned that this home isn’t worth what she owes. Many of the newer ones are “upside down” for a long time after they are purchased new. Depending on your deal, if you have a LOT of equity / profit to play with it might be ok but normally you can buy a home like this for much less as a repo from a finance company. If you buy and sell on a contract, your cash flow will be razor thin leaving you exposed to repairs, back lot rent etc if the buyer bolts on you.
Sorry but it doesn’t sound promising to me.
Just FYI… if you buy and sell mobiles the “Lonnie way” you’ll put less into each deal (giving you less exposure to problems) and make huge returns on your investment.
All the best, Lyal