Posted by Tom (WA) on February 09, 2002 at 16:45:17:
Darla, Looks to me like you are doing a great deal. I would much prefer to sell the homes on terms. I really don’t like unplugging toilets and fixing all else that goes wrong. Collecting rent on lots that they can’t damage too much is much easier, and you can raise rents when feasible. You’ve gotton rid of the headache part (the home) and kept the long term winner. The land will increase in value, the home probably won’t. I would include in my contract that they can’t move the home until it is paid in full. If they move it then, just do it all over again and make more money on the next Lonnie deal. Good luck, Tom