Posted by Steve-WA on June 05, 2005 at 10:56:19:
big difference is that there’s nothing secure - no title.
roller skating on ice
Success!!! - Posted by GAJohn
Posted by GAJohn on June 03, 2005 at 21:01:52:
Did a little MHP hopping on Monday. I found a garage sale sign and followed it to a FSBO sign on a nice MH. Owner wasnt home but I talked to the husband and found out that they just wanted their payments made. Wow I talked to the owner later and confirmed. I dropped by tonight to finish the L/O paperwork. Also, found another assumable right down the road. Owner just wants out. It’s a beautiful DW.
1st home:
$480 payment 100% rent credit
$155 lot rent
6yr L/O for current payoff of loan
Resell 3yr L/O
$2000 option consideration
$755 payment with lot rent
$40k $200 rent credit
All I had to pay was $250 deposit/option consideration.
Good Nuf!
The second is pending…
Foolsgold /Failure - Posted by Eddie-Mi
Posted by Eddie-Mi on June 04, 2005 at 10:55:49:
These ‘deals’ are a dime a dozen. They are fools gold. Your upside down and paying retail. A bad tenant or a trashed home and you’ll be sorry you ever got involved and you will end up bailing out of this L/O mess you got yourself into. I hope you grabbed title if you did get involved in this dumb deal.
Heres a better way- although it does take more effort : Find wholesale prices (preferably 3 bedroom 1980’s models for $1500 or less). There out there although there much harder to find.
Re: Success!!! - Posted by jp(sc)
Posted by jp(sc) on June 04, 2005 at 07:16:04:
Why do you prefer to do this type of deal over doing a traditional Lonnie deal? In my area, finding people who “just want out” and want someone to take over their payments is very easy to do. I’ve been wading through opportunities like this just to try to find Lonnie deals. Other than they are easy to find, what are the other advantages of this type of deal? I’m really just looking to learn here and I’m not trying to criticize your deals.
Thanks.
Re: Foolsgold /Failure - Posted by Jason (AL)
Posted by Jason (AL) on June 05, 2005 at 01:18:34:
"1st home:
$480 payment 100% rent credit
$155 lot rent
6yr L/O for current payoff of loan
Resell 3yr L/O
$2000 option consideration
$755 payment with lot rent
$40k $200 rent credit
All I had to pay was $250 deposit/option consideration."
++++++++++++++
Let’s see…
IF he sells for what he’s planned then he’ll get $2000 from option consideration.
That’s $1750 up.
Add $120/mo. for his cash flow.
I’m not counting his back-end, eventhough the loan will run out.
All this for $250.
Is it better to come up with and pay $1,500 and more just to receive a couple hundred + per month for 24…36…42 months?
Or pay $250 and get the same results?
Besides, HE’S not paying retail…his buyers are.
Upside-down?
Nah…only if he paid cash to do this deal. He’s only $250 into this deal.
However, I’m not sure if I’d do a sandwich L/O on these though…especially if they didn’t come with land.
In fact, I know I wouldn’t.
Re: Success!!! - Posted by GAJohn
Posted by GAJohn on June 04, 2005 at 09:10:26:
I have no preference in deals. Make the deal that presents themselves. These were just too good to pass up. 2 40k+ homes for ZERO money up front always sounds like a deal to me. Homes like this rent 650-750 easy. I also do lonnies but most of the nicer parks around here dont allow homes of more than 10-15. And these must be in good shape. The run down parks have lonnies that you can move. I just was offered 3 MH’s-all 2/1. One with minor repairs, the other 2 need real work. All the manager wants is to move them out of the park and he’ll give me all 3, or $800 for the good 2/1.
A man must know his limitations…and know when to take advantage of a good deal.
What you waiting for?..get to work.