Posted by Jim_NC on December 14, 1998 at 20:57:42:
John,
I have never done a deal on a mobile home. If he is willing to walk away and just let you take over the payments I would ask some people here that deal with mobile homes. I only do L/O’s on houses. I wish I could be more help. Sorry. I’m sure someone here can give you some advice.
Good Luck,
Jim
Mobile Home Ads- for Jim(NC) - Posted by John Estell(Denver)
Posted by John Estell(Denver) on December 14, 1998 at 18:49:08:
Jim, how are you? Listen I’ve found a pretty awesome deal where a co-worker wants to get rid of his mobile home. He’s paying $288/mo mortgage and $340/mo space rental, a total $628 per month. He has tried to give it away to a non-profit organization who wouldn’t take it. He says I can have it. He doesn’t want to spend the money on it any longer. He has a house and was doing this for his daughter trying to help her.(its kind of deep) What kind of ad do you use in the paper for potential buyers. This could be sell all cash or seller financing. Can you give me some suggestions for an Ad I might use. Thanks.
Re: Mobile Home Ads- for Jim(NC) - Posted by WadeFL
Posted by WadeFL on December 14, 1998 at 22:21:02:
Hi:
Saw your posting. I am working on my first mh deal.
Looking at the numbers, if I were you I would do a “I am going to take over the payments” Lease Option, and go the seller financing route. Your yield will be close to infinity (the place to be) as little of your own money would be in the deal.
I would hang on to the property after the mortgage is paid off. Once it is, your rental will be PURE cash flow and your overall yield will be high.
Seller financing is always going to be the best route because you can determine the option consideration amount, monthly spread and final option price.
Use rent credits as an incentive.
Ad should look like
Rent to Own. E-Z Qual
Low dwn/mthly.
Call xxx-xxxx
You should get alot of calls. Hope that I have helped you. Mobile homes really interest me. I just got both of Lonnie Schuggs books and I am reading them over again. So much information.
Good luck
Wade