Posted by Chuck (AZ) on May 14, 2001 at 15:24:56:
$21,000 in debt (assumming no discount) and $615 a month… where’s the profit?
You need to be looking at $2000-$5000 dollar mobiles, that you can resell for $5,000-$10,000, and carry the paper.
Is this a good deal… - Posted by Kenneth Elliott
Posted by Kenneth Elliott on May 14, 2001 at 14:58:46:
Hello everyone,
I just wanted to start out by saying thank you everyone for all the information on this site. It has really motivated me to pursue these deals.
Now here is the deal. I found a 95 oakwood 2br 2fb with a motivated seller that just wants to get from under it. But this is the deal. She still owes $21000 on it. Her payments are $296/month and her lot rent is $319/month. All she wants me to do it take over the payment. Now, I would like to do this and just rent the home out. Does anyone have any experience in this or should I just leave this deal alone. Any comments will be helpful.
Thanks,
Kenny…
Let the bank repo it first, then… - Posted by Dan (NC)
Posted by Dan (NC) on May 15, 2001 at 12:31:36:
This home is about 4-5K wholesale from a motivated bank. They’re holding the cards (note) on this one, don’t even think about dealing with the seller. One of the keys to this business is looking under bushes for good deals. If you make the contacts, maintain them with regular calls, and exercise restraint, the good deals will suddenly appear. It’s like the old saying, “the more I practice, the luckier I get”.
Don’t just leave it, run away - Posted by Blane (MI)
Posted by Blane (MI) on May 15, 2001 at 06:48:33:
Kenny,
This is the classic case of someone trying to pawn their problem off on you. Chances are the home isn’t worth what’s owed on it. Any profit would be skinny at best. Probably nonexistent. As Chuck said, look for older, cheaper homes. Deals like this, aren’t.
Blane