rent to own buyer has left me with upside down mobile home!
help! i know this question must have been asked ad nauseum, but i still have to know. in a weak moment several years ago, i purchased a 16X80 Norris, 1998. top of the line. i placed it on 2 acres of land that i own outright. the land was NOT financed along with the mobile home. i rented it out for a year and then i found someone who swore it was their dream home and they wanted to rent to own it. well, now a total of 3 kids later, it was too small for them and they moved out! left me with a mobile home in very nice shape but i still owe way more than it is worth.i owe around $34,000 for it. what are my options for making any money at all? i was planning to rent it and i know i can get about $500 per month, if not more and that more than covers the monthly payment, which i was planning to begin to make extra payments on anyway. i would love to sell it without the land but seems no one would buy it and i can't sell it and still owe a ton of money. if i could free the land up, i could either sell it and make some real money OR use it to house mobile homes that i could buy cheaply and sell to people who would move them. lots of smart people here, can anyone give me any advice? i live in south carolina. my email is **Please See My Profile** if anyone has any private suggestions. thanks!! 
I can say only one persons name (Lonnie Scruggs) Deals on wheels!
Do a search on this site first to see if they carry this book, if not do a search on-line and you will find it.
When you get the book read it all. Then you will make more money with your mobile home than you'll know what to do with.
Nuff said.
Steve
**Please See My Profile**
Good answer. Basically, the book will tell you in this regard to do it all over again. You can sell it for the 34k you owe, get a good down payment (3-5k or whatever the market will bear) up the rate for a monthly cushion, and charge lot rent. If they don't pay, evict, repo and do it again. You are in a decent position with owning the land. This ain't a real big problem. Place the ad "Owner will finance NO BANKS" etc... and you should be flooded with calls.
Good Luck,
Shawn(OH)