Posted by Tony-VA on February 13, 2000 at 16:49:42:
I think this question was posted once before, but since it is not my area of experience, I did not comment. I did not want you to think that your question was being ignored. What you are trying to do, sounds more like a “Wrap”. I do not use this technique personally for these Mobile Home deals, so I will have to leave this part for others to comment on.
I would however suggest that you at least read the “How to Articles” (Upper left corner of the home page). Take a look at the ones written by Lonnie Scruggs. They may just show you alternate solutions to put this deal together.
I wrote a post below a couple of days ago titled “Lonnie deal in a Nut shell (Long)”. Take a look at that and see if it sheds some light on the subject.
You will be amazed at what you can buy these homes for once you have read lonnie’s book “Deals on Wheels”. The sale price is at least double what you pay, and generally much more. You are able to do this by taking a small downpayment and holding the financing on the rest.
Lonnie’s book is a must if you are going to invest in mobile homes. Even if you decide to use alternative methods, the knowledge contained in the book will be vital to provide you with the understanding of the mobile home business in general.
Best Wishes For Your Success,