First thing you need to find out is if this thing is “financed to the hilt”. Alot of these deals are financed to the max payment and that leaves no room for a spread.
ie. that means if you pocket 2k down or something and maybe make a spread of a 100 bucks, if you get it back you have to pay the rent on the land and the home Loan for a few months then you end up out of pocket before you get your return in 30 years the length of time these are financed nowadays.
sandwitch position on 99 Mobile, yes or no? - Posted by d.henderson
Posted by d.henderson on June 13, 2000 at 15:02:06:
Seller called just wants me to take the payments off of him. Not in a park but on a lot. Anyone ever done this? Maybe just L/O it for a while and then get the people qualified though Conseco? I know, not enough information but I will find out and repost. Any ideas if this is worth my time?
Thanks to All
Dee-Texas
In order to advise you we would need more information. Get copies of the current loan/note, title, or sales receipts, UCC-1 if any. If there is a current loan call and verify the balance, also ask if the current owner ever re-financed. Is the land owned outright, or is it leased. Was this a home/land package deal, or just the home financed? you need all these question answered before hand. Verify, Verify, Verify, everything.
As Dave said this owner could be over financed to the max, and just wants a sucker to take this white horse off his hands. Then again this could be a workable deal if played right. Just keep us posted, thanks…