Posted by James on October 10, 2003 at 10:00:35:
Is he going to pay the remaining 4k on the loan? What kind of condition is the home in?
Take the Deal?? - Posted by Dan
Posted by Dan on October 10, 2003 at 09:25:07:
After putting up tear-offs, we received a call from a guy that has to sell his M. Home - hears the deal:
Worth $26-27
Owes $19,000.00
Will Take $15,000.00
It is vacant, he bought another home and is VERY motivated. I know it looks like a good deal, my question is, what to do with it once we own it. We are fairly new and our focus has been homes, specifically FC .
I would appreciate any feedback, especially from people who know and work w/moble homes.
Thanks/Dan
Re: Take the Deal?? - Posted by Tim
Posted by Tim on October 10, 2003 at 18:26:10:
Go to the mobile home board & do a little research. I think you will be surprised at what you learn. Without a lot a mobile is almost never worth anywhere near what it is financed for.
Re: Take the Deal?? - Posted by Eric - GA
Posted by Eric - GA on October 10, 2003 at 11:02:12:
Buy the property subject 2, have him pay you the $4000 in cash up front to take the property, lease purchase it out for little down and enough to cover the payment on rent. You’ll make $10-$12K, and get half of it up front.
Re: Take the Deal?? - Posted by Del-Ohio
Posted by Del-Ohio on October 10, 2003 at 10:24:10:
Hello,
If it is worth 26-27,000 the way it sits and it fits into your normal profit/location criteria I would buy it.
We purchased one mobile home even though its not “what we do”. We bought one for 12,500 put another 5,000 into it. Had it rehabbed and painted in a week. We sold it for 29,000. It did come with its own lot.
One thing to be aware off is they tend to more difficult for your buyer to finance. Many banks dont finance them. Some banks will if they come with alot. If they are on a rented lot, your buyer may have a lot of difficulty getting financing. These are the key things I would encourage you to check out in your area before buying this.
My experience.
Del-Ohio