Posted by DougO(NM) on December 01, 1998 at 08:01:07:
It depends, “Usually” these folks are upsidedown. Whats the balance on the loan vs. what the home is worth ? What could you rent it for ? If you are looking for a rental unit and you can rent it for more than the pmt and homesite rent AND the community lets you do this, then it’s of course a good way to pick up a non-qualifier rental. Just want to set it up so that you get the title when it’s paid. IF you get that far let me know, I can tell you about it. If there isn’t much difference between the loan balance and the value, theres not much else you can do with this deal.
Doug
Advice Please…MH Loan Assumption - Posted by Dutcher (MI)
Posted by Dutcher (MI) on November 30, 1998 at 22:04:13:
Any advice from those who have done the MH scene?
I found an ad for a MH for no $$$ down and a “take over payments” type of thing.
Would this be a good lead to follow for a first deal or would you suggest something else?
Thanks for any advice in advance!