Posted by Cheryl Lopez on June 03, 2004 at 22:29:46:
CHIKARE –
FIRST … check with your city or county planning to confirm IF the property would be allowed to be “dividing the land and selling the mobile home section separately”.
You may be surprised that would not be allowed. Unless the mobile home and the duplexes and apartments are currently on separate parcels with separate APN (assessor parcel numbers) … you may be in for a costly, expenses, and timely lot split.
For will be an easy first start on your home work.
I have a very motivated seller who has a property made up of 15 mobile home lots (6 of which are rented out with park owned homes for $1600 per month) as well as some other duplexes and studio apartment buildings (total of 28 units). The numbers work out so that we would see a positive cash flow of about $600 per month if we bought the property entirely. We would need to come up with 40K, the owner will take back a 40K second mortgage at no interest with a balloon payment in 2 years and we would get traditional financing for the 256K with all costs rolled into the loan. I was thinking about dividing the land and selling the mobile home section separately for 150K and then holding a note with 25% down at 6% interest amorotized over 20 years with a 2 year balloon payment for the mobile home part. I would then have the cash to purchase the property with no money down. Does this sound feasible? What would make it more appetizing to a purchaser of small mobile home locations?
Re: Need help in creative deal - Posted by Jessie Norris
Posted by Jessie Norris on November 19, 2004 at 04:02:58:
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