Investing in a mobile home - Posted by MikeY

Posted by Chuck (AZ) on July 04, 2001 at 14:06:45:

Would you pay almost $900 a month to live in a mobile home park? Would you pay $1000?

The ONLY deal here is that the seller gets out from under this white elephant. Period.

You MIGHT be able to find them a lease-option buyer for a fee (assumming they have the money to pay you), but that’s as close as you’ll come to profiting from this deal.

Personally, I’d walk away from it, it’s not worth your time.

Investing in a mobile home - Posted by MikeY

Posted by MikeY on July 04, 2001 at 11:47:29:

I received a call from a seller who has a mobile home. They want someone to take over their payments, and they’ll walk away. I’ve never dealt with MH before, and I need some help…

How do I go about figuring out the value of this mobile home to determine if this is a good investment or not. My exit strategy is to sell it with owner financing, or maybe a Lease Option.

They’ve got a 1997 Redmund Ventura Ville 28x68 they still owe around $41,500. They’re payments are $507 (PI + ins) and $370 (lot rent + garbage + fees).

Any feedback would be greatly appreciated. Thanks!

WALK away from this one! - Posted by Carey_PA

Posted by Carey_PA on July 04, 2001 at 22:50:07:

This is NOT a deal…keep on looking.