Posted by Babacar on August 19, 2006 at 07:07:50:
I do apreciate the imput. The book is on the way and I am excited. I can’t get over the amount of info I was able to obtain from the forum.
Babacar
Need imput please. - Posted by Babacar
Posted by Babacar on August 18, 2006 at 15:57:41:
Atlanta, Ga area.
Been working this HMP and found a lady who owns a 1996 DW, 3B/2B in top condition.
Her loan is assumable at 9.9% with a payoff of $15577.64, 246 a month and 7 years to go on the loan.
She wants to walk away.
My idea is to buy land at $25K put trailer on it and lease purchase to buyer for $5000 down and carry back a note. In the area similar land and MH packages go for about $75-85K.
Is this realistic for a first deal? any imput?
Thank you all for a wonderful forum.
Babacar
Is Georgia on your mind yet?
Re: Need imput please. - Posted by JeffB (MI)
Posted by JeffB (MI) on August 19, 2006 at 10:03:43:
What about development and moving costs? Someone at Boot Camp from your area said it takes about $10k (start to finish) to move a doublewide.
So your costs are:
$15.6k - home
$10k - moving
$25k - land
You’ve now got over $50k into it and you haven’t even put in well/septic or hooked up to utilities yet. What about a driveway, deck, steps, etc? I don’t see much upside for what will be a TON of hassle.
As an alternative, if the home is really nice as you say, try wholesaling it to a park looking to fill empty lots. I remember someone from your area saying that repos are going for the high teens so you may have some room to make a little cash here, especially if you can get your seller to bring some money to the closing table.
Re: Need imput please. - Posted by Sailor
Posted by Sailor on August 18, 2006 at 17:31:44:
If you take over the loan, that 10 year old trailer w/cost you
20,664 + it w/be 20 years old when it is paid off. You’ll also have
all that ca$h tied up in your land, & it won’t be yours in the end.
Yes, you might make a few $ a month on this deal, but you aren’t
going to improve your financial situation that much on this deal. I
think you’d be better off making your $$$ work for you in other
ways so that you’ll not only have ca$h flow, but own something @
the end of the deal. I think you are being creative, but that you
need to put that to work in something that w/give you equity.
Remember, just 'cause someone wants to walk away doesn’t mean
they are leaving something on the table for you. Anyone
disagree?
Tye
Re: Need imput please. - Posted by john
Posted by john on August 18, 2006 at 16:51:39:
Now I see what your interest is, got it. You have an interesting situation, I am afraid thou that the solution is not so simple, were this deal here in Idaho were I live and I had 40k laying in the bank i would probably leave it there, except for the $30 I kept to order the deals on wheels book.
more later
Re: Need imput please. - Posted by Babacar
Posted by Babacar on August 19, 2006 at 12:34:59:
Thanks you Jeff,
I think you’re absolutely righ. I will look into wholesaling.
Babacar