Need Creative Financing Ideas
I'm currently looking at a mobile home on 2 acres with a motivated seller. I have another mobile home that's in a park that I could move to this land also and save myself $300/month in lot rent.
My income is okay, credit is poor, and debt-income ratio is great, but at the moment I have no cash to work with.
I recently saw this property listed for tax sale and they were able to get the taxes paid in time to save it, and are apparently trying to sell it for something they can afford.
The owner wants $25,000 and is willing to hold the mortgage. Tax collector has it assessed at $56,000. That mobile needs some work and mine will cost 3-5,000 to move and set up. I can do repairs myself, but would like to come up with a way to buy it that would let me walk away with some cash for moving my mobile. I could make arrangements with the seller to buy the property, but my problem lies in where to get the money to move mine or even keep up with the lot rent if I take on another payment with this seller.
I know it's a pathetic situation with no money and poor credit (585), but I was hoping to get some creative win/win offers to present to the seller.
With two homes on one large property together, I could bring in a fair amount of rental income considering the small investment. I need to check with the zoning office on Monday also, but I think with 2 acres and the neighborhood it's in, I should be able to add even more homes later if I wanted to.
Anyway, I'd appreciate any ideas that would help me get this property.
Thanks 
I wouldn't call a credit score of 585 poor. It is not the best but its not poor either.
[addsig]
Well it feels like a REALLY poor score when i'm trying to get financing for something. lol.
I'm getting credit card offers for fixed life of loan rates fairly low interest rates (6-9%) every week. Are you? Generally, they charge 2% of balance as a min. monthly and on 5K that's less than your current lot rent and it sets you up to make more $, ie pay for its self. Or, offer the seller the $5K more so he finances the whole thing, if your appraisal is correct it should fly.
[addsig]
Why not split the property into lots, sell the left-over lots at a discount to pay for your lot. If you split it into 7 lots and sell 6 at $5000.00 . You just payed for your lot and the move of your mobile.
Forget what its assessed at for tax purposes that number is meaningless right now. If the seller is flexible you might consider assuming the payments on the note and give the seller a promissory note for the difference taking a cash advance on your credit card (in order to pay to have it moved) and then make whatever repairs you need. If you are cash strapped why don't you try to sell the unit on an installment basis while taking a cash down payment up front?
Thanks for all of the great ideas.
It'll be great to have so many options.
Thanks alot!