Please help with this deal - Posted by William
Posted by William on January 28, 2000 at 17:27:06:
I found a 2/1 MH on a 1/2 acre lot that is worth approximately 19k-20k. The seller wants 18k with 1k down and the balance paid with $300 payments at 12% interest. I know it is not a great deal but what I was thinking was for a 1k investment I can have control over a 20k property. I believe I can sell the property owner finance at 24k with the same down and same payments. If my buyer leaves then I can resell the property and my balance owed would be even lower. Am I not thinking rationally about this deal or is there another way of looking at this deal to make it profitable?
Also, can I sell the MH and only rent the land? The MH is connected to the land and it is not in a mobile home park. That way I can move another MH on the land after I sell this one. Thank you very much for your help!