Posted by John (KS) on January 26, 1999 at 08:26:17:
It sounds like you have a motivated seller. Why is he selling and why on such good terms. The buy sounds like a really good deal with great terms. Are you prepared to spend alot of cash up front to buy these other homes, have them moved in and set up (assuming they can be moved), and spending the money to rehab them, then advertise them. Are you planning to pay all the utils or have the renter/buyer do that. Think about the money up front. Other than that, sounds good to me.
What a great site!!! I just saw an ad today in the paper.
9.5 acre mobile home park set up for 8 mobiles(septic,elect,
gas).60.000.
After some quick mental calculations i called the number
and identified myself. The man recognized my name( i played guitar for a nationally known southern gospel group for 4 years) and still do some local appearances. Well anyway he told me about the property.
There is a mobile on the park that needs about 200.00 to be rentable or sellable and that he would finance it 100 percent no money down at 12% for 20 years pmt being 660.00 a month.
But then he said i will make you a deal you cant refuse.
You buy it no money down and pay 100.00 a month (lot rent for the trailer thats on it) and when you add another
trailer and rent or finance it add another 100 to the payment till we reach the 660.00. He also told me he knows where 4 trailers are for 500.00 each that can be rehabbed.
He also said i can prepay the note or refinance it it doesnt matter to him.
Any help would be appreciated since i am new at this.
Can i go wrong or should i back up and take a second look?
Thanks Larry