MH deals...(long) - Posted by Ed Ortiz

Posted by Ed Ortiz on October 17, 2000 at 19:41:58:

I bought 4 mh’s 4 months ago for a total price of 12k they are all rented for 325.00, this deal added to another one that I have owned for a little longer have been pretty good so far. The mobile homes are placed in my park and since I am trying to fill the park at full capacity I decided to try to sell at least one of them to see how the deal would go and maybe do a Lonnie deal or have a bank cash me out.
Well,I’ve gotten some calls and actually two of them were from people living in my other mh’s. One of them I have an appointment for saturday to go over a deal on the one he is living on. The other lady to whom I talked today said that she would be very interested in buying the place she rents but she didn’t have all cash. I explained her that with a “reasonable” down payment I would probably be able to “find” her some financing. I also asked how would she feel if she would be able to keep paying about the same as she pays now but owning in less than 60 months instead of renting and she sounded very excited by this idea since she has lived there 3 years now and she had mentioned something about buying the place to the old owner but they never came to an agreement.I will also be talking to them this saturday. Looking at the numbers this could be a pretty good deal:
500.00 down (could be even lower)
200.00 a month x 60 months(maybe less) = 12,500
+120.00 lot rent
=320.00 Total(she is paying 325.00 now for rent)
To finish up this day I got a couple calls from people interested on the one that I originally was planing on selling.
To make the story shorter every time I have a deal going on I try to post it here and see a cople of you analize it and give some constructive criticism or send a couple of ideas my way. Every one of my deals so far have been great learning experiences and I don’t think this ones are going to be much different. So,what do you think about this ones??? Your comments will be greatly appreciated.
Ed Ortiz