Posted by Cesar on December 16, 1998 at 21:04:19:
Run. Run for your life!
These guys are savvy “investors”, and they are basically using you as their “straw buyer” so that they can cash out of the deal and leave you stuck with a home that is probably overpriced to begin with. I know it sounds real nice, but look at the long run, when you have an over-financed home with no one to sell to, and the lender comes looking for you…
Let the buyer beware…
Should I do it or not? - Posted by Roger
Posted by Roger on December 14, 1998 at 20:36:05:
This Saturday I spent the day with the founder of the real estate investment club in my area that has closed and his partner. I spent the entire day with him and his partner going around mobile home areas and watching them two on a deal. Then they asked me if I would purchase a mobile home valued at $25k. They would get me the loan for $20k at 10%. They would sell me the mobile home for $10k. $4k would be for fixing the place, lot rent, and marketing. I would have $6k in the bank for operating income. They said they would get the money from their sources which are mobile home banks or some lenders. They said they would say I am employed with them helping them list mobile homes. I did say I would help them in the mobile home listing business getting listings. He did say he would help me out with by finding the right contractors for me and help me move it to the right area.
The idea of buying this mobile home without any of my own money and getting operating income and sell it for a profit sounds fantatstic. I hope I can trust this guy. I do not know all these areas inside and out. This sounds like an opportunity like no other in being in my own business. I do not know if I can trust this guy. Learning the business from experience sounds appealing to. I live in the Albany, NY area.
Input would be appreciated.