Jody,
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
Jody,
The book values are horrendously inaccurate. Are you looking to buy or sell? Is this to live in or as an investment?
If you really want a book value, any bank loan officer can get it from their NADA desk reference book.
All the best, Lyal
I am thinking of buying this from the owner to make a deal work. The owner wishes to but a house and 4 acres from me but needs to sell the mobile. She owes 30K. Should I only offer to pay what she owes? To make this work she would have to give me lot space on the 4 acres. (maybe rent free) I don’t want to pay too much, but I am thinking I could sell the mobile on contract and have some positive cash flow monthly in addition to sale of this property which will also net me a lump sum. This would be my first mobile.