Posted by el gordo on September 14, 2003 at 08:00:02:
The term underwater means the owner owes more on his mh than it is worth (usually a lot more than it is worth to me). I believe that in most all, if not all, situations there is an opportunity. I talk to folks who are in this underwater shape, and I keep looking for an opportunity in it. I just cant put the numbers together to make buying this type home work, got any suggestions?
Re: underwater mobile homeowners - Posted by Diana
Posted by Diana on September 15, 2003 at 12:05:18:
I’m just such an underwater (upside down) mobile home owner. I’ve had a fellow in GA showing my mobile home (it’s in a park) for a year now with no success. If I can’t finance the sale myself (the landlord won’t allow it), what other options do I have? Seems like foreclosure is my only choice …
Re: underwater mobile homeowners - Posted by Marty (MO)
Posted by Marty (MO) on September 14, 2003 at 11:02:39:
Ernest Tew has an interesting solution. If I remember correctly, he assumes the loan with a net lease, then turns around and sells the trailer for 2 or 3 thousand dollars LESS than the original loan. He structures the new note so that it covers his payments, he actually ends up making money the way the new note is structured. It’s a paper loss, which benefits you on your capital gains. Instead of posting a several thousand dollar profit on a lonnie deal, he’s making money on his lonnie deal while posting a huge loss. It’s interesting.
I’ll have to find my copy of his book…
Marty
Posted by Sonia (ID) on September 15, 2003 at 12:49:46:
How about finding a vacant lot to put it on, and sell it that way? Maybe find someone who’s trying to sell a lot, and partner with them? You might even get them to pay or at least split the moving cost with you. Or maybe someone who wants to rent a private lot?
…Or at least threaten to, and maybe your landlord will change his mind.
I’m an inexperienced newbie around here, so I’m not sure if this is good advice or not, but I think I’m starting to think ‘out of the box.’