Assuming a loan - Posted by Norm

Real Estate Investing Mobile Homes & Mobile Home Parks
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Posted by Norm on March 18, 2005 at 14:05:09:

Thanks Jeff. Just looking at all the opportunities here. I try to never pass up the chance to make a few bucks, no matter how small. Anyone else know of a deal to offer someone in their situation feel free to email me or post here.

Thanks

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Assuming a loan - Posted by Norm

Posted by Norm on March 18, 2005 at 05:22:00:

'04 single wide trailer. Owner advertised that they are willing to do an assumtion. I know that assumable loans are very lucrative in houses. Can they be in the trailer bussiness too?

Some of my questions are,
How to deal with taxes?
Doing a wraparound on a house with a deed and a mortgage is easy, can the same be done on a trailer with just a title and no land?

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Do not assume any loans - Posted by John Merchant

Posted by John Merchant on March 30, 2005 at 09:49:58:

I’ll just be he’d let you assume his loan. but don’t get near that one.

Keep looking until you find the motivated seller and you can buy for $1500-3000 cash and then resell to a good financing buyer.

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Re: Assuming a loan - Posted by Jeff-oh

Posted by Jeff-oh on March 18, 2005 at 07:51:40:

Norm,

If you are looking to live there then this can be acceptable. If you are an investor… RUN. Dont not walk, pass go… etc.

Mobles are not houses. They are cars. You have a new car loan on a used car. The loan to value will be upside down. New mobles in a park lose value fast.

However, look what he owes. If less than $10K then you have room to make money. I bet it is more like $40K.

Jeff

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Re: Do not assume any loans - Posted by Norm

Posted by Norm on April 10, 2005 at 07:19:51:

Thanks John. Good advice.