Re: Mobile Homes…when to know if a deal is REALLY worth it? - Posted by Tony-VA
Posted by Tony-VA on March 14, 2000 at 14:53:11:
As I posted down below to Jason, I am not a big fan of these type of deals.
A couple of things jump right out that should consider. It is nice to help other people out but it is not good business to assume their problems for them. If they bought another house before they sold theirs, this is a problem they created themselves. This should not receive much sympathy from us. Living beyond ones means is not a disease, it is a self inflicted wound.
Next. You will find that there are many people out there who need homes like yesterday. This too is generally a self inflicted wound. If you or I needed a home like yesterday, chances are we would have been looking for one last month.
And yet still. These two unqualified (both credit and with the park) buyers say they have $1000 to put down. You came up with the number of $350 left over for you after they pay the downpayment to the finance company. What about the lot rent, lot rent deposit, sales tax etc…??? These same people who forgot to look for a home last month will also forget that they will need money for these costs as well. I am willing to bet that they got a tax refund of a little over a grand. They are now feeling like millionaires. That feeling is one we all enjoy. We begin to dream of all the things we could do with that money. Just be sure that these people are not still dreaming before you put your name on a $13,000 mortgage.
Please read my post below to Jason to get a few of my other opinions on the potential downfall of deals like these. As I mentioned in that post, some people do make money on these deals. I feel certain that they know all their costs and risks before they go into these deal. For your sake, please be sure that you do. Again this is just my opinion, and opinions are like belly buttons, everybody’s got one.
ps. Sorry Jacob, I couldn’t resist this one.