I need help with mobile home deal - Posted by Rachel

Posted by Tim (Atlanta) on March 09, 2000 at 11:40:32:

If you want to do something here, you could get an option on the home. This would tie it up at a price, then go out and market the home. You would need to get a substantial discount in order to make this happen. As far as the value of the home, you need to know what comparable homes in the area sold for.

You certainly could not do a Lonnie type deal here, the numbers are simply too large. I would NOT recommend purchasing this property, unless you got it very cheap. You understand, mobile homes depreciate rapidly, and you don’t want to be the one holding the bag.

I need help with mobile home deal - Posted by Rachel

Posted by Rachel on March 09, 2000 at 10:49:33:

I’m trying to do a deal with a mobile home. It is in a mh park and the rent for the land is 445 a month. He’s asking 55,000 but would go down to at least 45,000. There’s a mortgage of 31,000 He’s willing to hold a mortgage but wants 5,000 cash. How do I go about determining the value of the home? He bought it four years ago for 53,000. Can anybody suggest how I can determine the value of this MH?
Also any advice in structuring a deal? I don’t have my own money to invest , I want to find someone to flip it to.