Posted by Joe C. on July 10, 2001 at 22:38:23:
Make sure rentals are allowed if it’s in a MH park.
A little confused - Posted by Tim (MO)
Posted by Tim (MO) on July 10, 2001 at 22:05:51:
I’ve been doing SFH’s and Commercial property nothing down a little over a year, and have always thought about MH’s, just never had an oppertunity fall into my lap before today. I’ve reviewed alot of what is in the board here, but am still just a tad confused on how to structure a deal for a win-win.
Seller has $247/mo payment on 95 16x80 3br 1ba, payoff is $19,700 and is willing to walk away for someone to take over payments. Lot is $120/mo, and I figure I can rent this unit for $375/mo + lot, it’s move in ready and I want the cash flow over a buyer.
Seller is fine with leaving note in his name, I am fine with projected cash flow. Typically with a SFH, I’d just have the seller put the home in a trust and take the benifical interest, but am a little fuzzy how to make this deal work since his lendor holds the title with their lien on it (Conseco). I do know enough after reading this board to order DOW so I don’t feel this uneducated next time this type of oppertunity comes up, but for now, any suggestions how I can structure this so I get the title after the note is satisfied? Is there something with MH’s I’m overlooking that I should run away from this? Is their a way I can resell this to a poential buyer rather than renting it out, and skim the excess from a wrap?
Any and all suggestions welcome while I go place my order for DOW
Tim