Posted by Anne_LLC on March 17, 2006 at 12:00:24:
Read the book, or read the archives.
Anne
Mobile Home - Posted by jean
Posted by jean on March 17, 2006 at 11:48:05:
Hello,
I have an opportunity to take over the payments on a 97 singlewide 2/1 mobile home. The owner still owes 19k the notes are 368.00. She wants 1500.00 walking money to buy a larger home. The cost to move the home for 20 miles is 1400k. Is this a good deal to get started. The new lot rent will be 200.00 per month and I plan to owner finance or rent to own to a tenant buyer. Any advice would be much appreciated.
Re: Mobile Home - Posted by ronaldo
Posted by ronaldo on March 18, 2006 at 18:16:43:
let the bank repo the money hungry aligator
Look at the facts. - Posted by David E. (TX)
Posted by David E. (TX) on March 17, 2006 at 21:59:42:
You will have $2900.00 of your cash in it before any lot rents. How long will it take you to find a taker? It would cost you $568.00 per month. If you sell/rent it for $700.00, that is only $132.00 per month to you. What if repairs need to be made, or something replaced. I agree with the others there is no room for profit and I didn’t even mention the $19000.00 total that you would owe. Even if it was a newer 3/2, it would be a bad deal. Please pass on this one. Whatever you decide, good luck, Dave.
Re: Mobile Home - Posted by patsears
Posted by patsears on March 17, 2006 at 19:29:00:
This would be a good deal if YOU were selling it for $19,000 at $368/mo! But to answer your question-no, it it most likely not a good deal for you; you would just be taking over someone else’s mistake (which is buying a new, way overpriced mobile home, which depreciates probably 20% as soon as it leaves the lot)
Also, if I was going to talk myself into this deal, I sure as hell would’nt do it with a lousy 2/1! It would have to be a 16 x 76-80 foot 3/2, and maybe a 2002 or newer home with all the bells and whistles, and located in a really hot park. Then, if you could sell it for $25,000 or more (and remember, it will take longer to sell a high-priced home like that), and only have your $1500+$1400 in it, the numbers, at least on paper, could look pretty nice.
That said, this should’nt be a first deal for anyone.
Re: Mobile Home - Posted by Adam-MI
Posted by Adam-MI on March 17, 2006 at 12:16:59:
WAY too expensive. Where would your profit come from?