Posted by Ernest Tew on February 24, 2001 at 16:50:17:
Bryant, I don’t think that taking over the payments on a new mobile home is a good place to begin. The owners have probably realized that the home is worth less than what they owe.
To make a profit, you would have to find someone who would put up some cash and/or make higher payments. If it sits vacant for awhile, you would have to pay the lot rent, insurance, loan payments etc.
If you “assume” the loan, it means that you would be personally liable until it is paid off.
And, there are other ways to go wrong.