Have Good Deal...Need Help... - Posted by Chuck-NY

Posted by Mike on March 19, 2002 at 15:02:49:

A lease option is always a great way to go, you can lock up the proeperty without any major cahs or obligation, and then if there is more profit to be made then exersize your option and buy it. On a property like that I would recommend you file a notice of interest though in case your owner of record tries to weasel it out from under you later.

Have Good Deal…Need Help… - Posted by Chuck-NY

Posted by Chuck-NY on March 19, 2002 at 12:27:42:

I normally frequent the mobile home forum since “Lonnie
Deal” are my type of business.

I looking to buy a 41 Acre property that has a very old (1900) triplex and 2 owner occupied mobile homes on this property.
Asking price is $119,000. The property is free & clear.
The income generated from the rentals is $1,550/mo.
Zoned Agricultural - Residential.

Ideal location…in the country yet 1 mile from major
road and 4 miles from Wal-Mart SuperCenter & Lowes etc.

Been on market for 11 months.

I feel that 70% of the income could pay for a loan
and yet I think the seller might consider a Net Lease
& Option.

According to code enforcement the property could have
subdivisions. A lot of people feel a subdivision or
property development is too costly or time consuming.
I won’t argue that point. I do have a developer coming
out to look at the property this week. Doublewide
mobile homes would be allowed if property is subdivided.

My question is what is the best way to go about purchasing
this property with little or no down maybe using a
Net Lease & Option.

I don’t have any experience in writing up Offers To Purchase
and would like some help in doing so…

Thanks !!