Posted by John Merchant on July 14, 2007 at 07:23:26:
The late, great Barney Zick wrote a great course on Sandwich L/O strategies and the guy really knew his stuff.
Probably locate w Google or Amazon.
Lease to own mobile? - Posted by Cyn
Posted by Cyn on July 10, 2007 at 20:01:55:
We have the opportunity to get in on a very desireable 1 acre parcel of land with a 1983 3/2 DW mobile home with loads of updates including wood siding newer roof, windows etc. The property is in an area where acreage is at a premium in the pacific NW. We don’t have any “cash” to buy it but wanted to have it as an investment property through a lease to own purchase agreement. We would aquire desirable “buyers” and have an agreement drawn up where they could buy us out in a couple years or less. Now, it is a MFG home so would this be too sketchy since it is very difficult to get traditional financing without at least 20% down (and good credit). Would the equity in this property after a couple years and having the buyer make their monthly payments on time, compensate for this? It is our first “investment” purchase with very motivated sellers and we don’t want to pass it up just because it isn’t stick built…any suggestions??
Re: Lease to own mobile? - Posted by Tony Colella
Posted by Tony Colella on July 11, 2007 at 05:52:48:
Just to clarify so as to best asnwer, does the deal include the land and mobile home or just the mobile home?
Thanks,
Tony
Re: Lease to own mobile? - Posted by Cyn
Posted by Cyn on July 11, 2007 at 15:07:10:
Hi Tony, deal includes 1 acre of land in very desirable location and priced below market value, how much below I need to clarify.
Thanks
Re: Lease to own mobile? - Posted by Tony Colella
Posted by Tony Colella on July 11, 2007 at 20:20:32:
If you do decide to pursue the lease/option or from the sounds of it, a sandwhich lease/option plan by which you lease/option from the seller and lease/option it to your buyer… I would defn want to be sure you understand the nuances of this approach.
There are several important factors to consider to protect your deal and to be sure you get the deed. Things like you actually filing the option to buy on the public records to cloud title (but not allow your buyer to do so), perhaps having a general warranty deed held in escrow etc.
I have not tried lease/options with land/home deals so your due diligence will need to extend from what we discuss in our land/home book here.
A good lease/option course should help you cover your assets on this type of deal.
Tony