Posted by Mr. C on July 15, 2003 at 11:11:43:
$1075 in back lot rent and $500 to the bank makes for a $1575 investment (plus the repairs)… and then resell it for $7-10k.
I don’t see a problem with this, unless you just flat don’t have the money to do it?
One condition you might make is that you’d pay no lot rent rent until it resell’s. Given the fact that your making someone else’s problem go away I’d think it a reasonable concession.
MH for $500 but back lot rent $1075!! Make sense? - Posted by Scott Buchanan
Posted by Scott Buchanan on July 15, 2003 at 10:03:10:
Hi everyone,
I’ve worked out the details to buy a MH ('89 Oakwood 14x56 - in decent shape with no floor/wall holes but needs carpet/vinyl/paint) from the bank for $500. The park won’t accept anything less than $1075 ($215 x 5 months) of back lot rent in order to bring it current. The guy at the bank says they’ve only had it in their possession for 62 days and has no intention of paying any lot rent at all. The home has been charged off and they won’t be sinking anymore money into it. I explained to the PM that getting 2 months back rent (which I offered) and ongoing future rents would be better than nothing but it fell on deaf ears. Any wisdom out there? This would be my first deal. Pics available if you like. Thanks.
Scott Buchanan
Re: MH for $500 - Posted by Stan
Posted by Stan on August 11, 2003 at 19:29:37:
SO, Would you like to sell it? Let me know.
Stan