Posted by Jerry Freeman on April 12, 2002 at 22:16:26:
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Double Wide Subject To? Kosher? - Posted by Scott Ashbaugh (MI)
Posted by Scott Ashbaugh (MI) on April 12, 2002 at 13:10:23:
Hey fellow investors. I was thrown a curve today. Double-Wide owner asking me to “just take over their payments and pay them what they owe…” on a 3 year old double wide in a park.
1999, 3 bed, 2 full bath, 1248 sq. ft, on a large lot. All appliances stay except the washer and dryer. Inside and out in great condition. In the new area of a large area mobile home park, all double wides in this section.
Monthly payments:
mortgage= $525./mp
Lot rent= $270./mo
$795 total per month
Can I use standard subject to paperwork? I have the ABC’s of subject to course, but just not sure on double wides or mobile homes. Do other rules apply?
Thanks for any advice,
Signed,
“Seeing and opportunity… I think”
Re: Double Wide Subject To? Kosher? - Posted by Blane (MI)
Posted by Blane (MI) on April 15, 2002 at 08:13:17:
Scott,
I believe we met at the Lender’s conference last year. If we did, I apologize for not contacting you, I misplaced your card somewhere (you worked for one of the car companies, yes?).
Anyways if that’s you, you’re in the Detroit area I assume, I probably wouldn’t touch this with a 10-foot pole. Very few parks in our area will allow subject to deals , as they require the MH occupant name to be on the title. This can’t be done in a subject-to situation without you paying off the loan. I’m betting they owe 45K-55K on this place. With all the repos out there, you most likely wouldn’t get that much for it. Because of the title issue, lease option isn’t an option either, which s**ks because others like Karl Kleiner in Cincy are using L/O now with some success.
IMHO pass, any potential deals will be with older single wides unless you can get a killer price on a double. There’s huge competition by the dealers and Holly Homes for those doubles, making picking one off difficult. Hope this helps.
Blane
Could get you into a real pickle, not Kosher? - Posted by Dr. Craig Whisler CA
Posted by Dr. Craig Whisler CA on April 13, 2002 at 01:44:42:
Scott there other posts on this beside mine, I 'm sure but if you go down the board opening posts under my name, you won’t have to go far to find one that will answer your question.
Regards, doc
Please read recent posts below … - Posted by Jerry Freeman
Posted by Jerry Freeman on April 12, 2002 at 13:19:28:
Hi, Scott.
There’s been a couple of flurries of posts recently about just this topic. They’ll answer most of your questions. If you still have questions after reading them, post again and I’m sure you’ll get all your questions answered.
Best wishes and good luck,
Jerry
Re: Please read recent posts below … - Posted by terryr
Posted by terryr on April 12, 2002 at 22:13:01:
im sure if you contact conseco they have about a million of these they would love to let you take over the payments on - if this doesn’t include land you want NO PART OF THIS DEAL - PERIOD!!!