Taking over payments... - Posted by Karen - TX

Posted by ScottS(NC) on April 05, 2002 at 07:52:33:


Mobile homes get upside down(owe more than there worth) so quick that most the time instead of assuming there equity you are assuming there bad debt.

Now if you find one that is close to being paid off (only a few thousand owed that might be a diffrent story. These are rare, most owners after a couple of years of paying realize they have the equvilent of a depreciating new car and want out fast.

As far as L/O check out Ernest Tew’s course get rich helping others. Worth the money and goes into far more detail than I could in 100 posts. Take Care ScottS(NC)

Taking over payments… - Posted by Karen - TX

Posted by Karen - TX on April 04, 2002 at 17:46:08:

For those of you already using this purchase technique, how do you determine when to use it? I have received a few calls from sellers who still have sizable mortgages on the homes they are attempting to sell. Until now I have just politely ended the conversation by saying that I don’t typically buy homes with mortgages.

But…I am now thinking this could be a terrific opportunity for my husband and me to lower our living expenses without putting up any cash. However, I don’t want to assume someone else’s problem, being unable to resell on a L/O in the future.

Any guidelines to use when talking to sellers and considering a L/O on a home for personal residence?