Newbie needs advice on liability issues of MH deal - Posted by Mark Krueger in MI


#1

Posted by John (KS) on October 29, 1998 at 16:41:59:

Don’t spend any money fixing it, sell it “as is”. Let some one else do the work. Part of doing Mh deals is being the owner who will finance. If you do get it for $1500 and that is what it is worth, you could easily finance it to someone for $150 per month at 12.75% interest for 24 months. This will end up costing the buyer $3500, but that should not be their concern, because they will be happy paying $150 plus lot rent, which still should be cheaper than anything they are renting. Plus in two years it is theirs.

I have done an option to purchase on a MH. I gave $10 earnest money and he gave me 2 weeks to sell it. I gave $700 and sold it the gave day for $1500. It was a peice of junk, but the buyer needed a place to live and could afford $200 per month payments for 6 months with $300 down.

Good Luck, and get Lonnie’s books if you don’t have them.


#2

Newbie needs advice on liability issues of MH deal - Posted by Mark Krueger in MI

Posted by Mark Krueger in MI on October 29, 1998 at 15:23:23:

I have a possible deal that I’m looking at. It’s a 1971 12x60. The seller is extremely motivated. With some work I believe to be in the thousand dollar range I believe it would be easy to sell. I think I can acquire it for around $1500. My concern is that if I don’t sell it, I will be stuck with a lot payment. I was thinking that I could offer the owner a down payment and tie it up with an offer to purchase agreement and maybe even make a lot payment for her if I needed to. I could then try to sell it with owner financing and if it didn’t sell, I wouldn’t be obligated to keep it because of being unable to sell it. Am I going about this the wrong way? Any help would be appreciated. Thanks.