Trying to work deal! - Posted by Orlando Buck
Posted by Orlando Buck on June 03, 1999 at 13:25:13:
I have a couple of people who are trying to buy mobile homes. I have gone out and looked at some mobile homes that I believe would be good homes for these people, but yet still make me a profit. The problem I’m having is the owner of the mobile homes wants 1/2 of the total price down, then the other half can be spread out over 2 months. I don’t have (and don’t want to put) any money into the deals, and only one of my “clients” has some down-payment money.
I guess what I’m asking is this: is there an investor out there who would be willing to negotiate ahead of time terms and conditions of buying a note for these properties. I would hold a second mortgage for the 20% down, if necessary. The money from the first mortgage would go to pay for the mobile home(s) and whatever “profit” I make.
If anyone has any pointers or is interested, please let me know.