Sounds interesting but I know very little about investing in mobile homes. I have done wraps on CA properties but never considered it for mobile homes. With space rent and such a high interest, I’m not sure if it would sell as quick as you might like. Some things to consider. Taxes: Can you do an installment sale on these?? Park approval of new owners? Again I know very little about this transaction, but I’m heading this way. Please let me know how it goes.
Steve
Posted by James Buster on November 08, 2002 at 19:19:55:
Let’s say you can get a mobile for $20,000. Not a great price, but do remember this is CA. However, you negotiate terms: $2,000 down, 9 annual payments of $2,000, first payment due in 1 year. You could sell this via wrap, for say $5,000 down, $35,000 note payable 120 months @ 14% ($543.43/month). Is this a good deal?
James,
Search the archives here. This has been discussed at length previously. The general consensus is that it’s not a good idea for reasons detailed in past discussions.
All the bestl, Lyal