I Have Someone Who Wants Me To Take Over.....
I have someone who wants me to take over there payments on a mobile home. i am not sure if this is a good idea for a MH. the mh park does not allow sub-leasing or rentals. i was thinking about trying to sell on owner financing. is this doable? any advice or feedback would be appreciated. here are the figures
arv 20k
owes 11k and wants me to take over payments
lease is 400 per month, on a month to month lease
250 mortgage payments.
thanks-
WHat year is the Home and where is it located.. meaning what State is it located in?
This could be a great deal idepending on the Home!!!
Not knowing the year and dimensions of the Home hard to give specific advice but lets just pretend its a decent home with a decent marketable year.
What I would do is lock it up in a contract with an inspection and an aproval of said inspection as your out.
Then I would tell them it will be 4 to 5 days before you can get the inspection done.
Then I would place an ad and say you have a Home if you sale ofr cash will let it go for $15,500.00 however if you sale it Owner financing That you want $20,000 for the Home with $5000 down financing $15,000
Note; If your buyer has His or HEr own land you could sugest to them you would accept less down provided the Land is used as collateral should they fail to pay and you have to foreclose.
Now, out of the $5000 down, if its a Single wide you can expect $2500.00 or less to be used as cost for moving the Home to their land.... note, if the people do not need it moved then the Whole $5000 could go into your pocket as spendable cash.
Either way you would have a sweet deal but what if you cant find a buyer, then get a friend to go with you and inspect the Home and find all kinds of reasons why you just cant move forward with this deal and walk away.
MarkB