Posted by JHyre in Ohio on February 15, 2001 at 06:55:21:
First deal is too skinny…for $12k, you should be able to create notes with face value of $24k to $36k. $12k is alot to have in a home, even if you’ll net $18k. Generally on cash deals, I expect to at least double my money after ALL expenses…lot rent, finder’s fees, etc.
On the second deal we don’t know the FMV of the home…though my instinct is that $8k is too much to pay unless you can get at least another $8k CASH AFTER expenses. You need to find cheaper homes.
I have a seller who has a mobile home that is worth $18,000 and she owes $12,000. She will settle for $14,000 for an all cash deal. Her mortgage is $300 and her lot is $455. She has had her property on the market for 1 year.
This is pretty much my 2nd encounter with a seller. I am new to RE. Is this worth while and what should I do.
I also have a woman who just wants out of her trailer. She said here home is worth $8500 and she owes $8000. She does want anything out of the deal. she just wants out the house. Her Mortgage is $120 and her lot rent is $450. She has a 10 year loan and has been there for 2 years.