May I recive some advice please? - Posted by Kory

Posted by Tony-VA/NC on October 07, 2003 at 11:23:29:

Several questions for you Kory.

What kind of property is this? What is a “minihome?”

Is this a mobile home? Is it in a park? Is it on land you own?

Are you buying and selling the land and home?

Before you jump on the creative investing bandwagon of interesting terms and strategies, you need to know the answers to the bottom line questions.

Are you making your money going into this deal?

Are you protecting your deal?

Are you protecting your profit?

Do you understand the various exits from this deal in case Plan A falls through?

If this is simply a mobile home deal, your creative thoughts are going to get you into trouble. The techniques you mentioned (subject to) do not always work well with peronal property such as mobile home.

Based upon your questions, even if this is a mobile home with land, I would suggest you not try subject to as it appears that you are new to this arena. This is not a bad thing and not a slight against you. Subject to deals are detail specific and state specific in nature. There are tricks to that trade is all.

Regardless of this being real estate or mobile home (personal property), you might want to look into using an Option to purchase. As a unilateral contract to buy, you are not required to buy but the seller is required to sell. This protects you if you cannot find a seller. Ernest Tew’s material will be of benefit to you in this regard.

Best Wishes,


May I recive some advice please? - Posted by Kory

Posted by Kory on October 07, 2003 at 10:05:54:

I want to buy a property for $18,000.00 and sell befor I close they will give me 90 days till close. I will pay closing cost(well the new buyer will) This can rent for $500.00 a month. 3 bed 1 bath renovated minihome i was very surprised how good of shape anyways. I am asking for help on a way to put the agreemnent together ( the safest way)I am looking for other investers ideas I would love to get a few options as I want to be the one in control of this purchase. They own the property also. If you need anymore info of course I will answer.

sorry about the length

should i do subject to? or l/o? from the seller I have all the fourms just looking for advice.

I am going to flip it.

Thank you for you time.