Posted by David Alexander on January 28, 2000 at 21:24:17:
Too much leverage and not enough spread, there are easier ways to make 4k.
You make your money “when you Buy” and since MH’s dont appreciate you just going to create a headache for your self. When someone moves in doesnt pay you and it takes you 90 days to get them out your 4k spread will dissappear quick.
David Alexander
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!