So, How Would You Do This?
Okay, so I normally L/O houses, sometimes Sub2, I've done four deals so far. But, I've come across something that would be pretty good if I figure out how to do it.
I've found a lady that owns a very nice 1999 mobile home in a good area. She has it rented out to some friends right now and she owes about 50K +/- (still working on getting the hard #s) with a payment of little over 450.00 per month (going to look at the house tomarrow and get hard numbers).
Now the problem. She and her husband want it completely out of their name. The good thing is, they don't want ANYTHING for the mobile. Not a dime. That is good. The tenants are good tenants (according to her) and they want to buy the house but can't get a lone. I have bad credit and can't get a lone either so buying it and then L/O to the current tenants isn't an option for me. I've already talked to everyone I know who has good credit and no one wants to take a risk on a mortgage/partnership. I'm screwed there.
The only thing I can think of is get them to agree to a sub2 deal and and start shopping around with mortgage brokers to try and get them financed with a little cashf of me. What are your thoughts? Any ideas? If you need more info, tell me what to get and I'll ask them tomarrow when we meet.
Thanks,
Mitchell
Not sure I follow you here. You normally L/O houses but you have bad credit and can't get a loan on a 50K mobile home <IMG SRC="images/forum/smilies/icon_confused.gif">
What about sub-prime lenders?
How much is the home worth?
How about HELOC (if you own other property)?
Roger[ Edited by steeler19 on Date 02/27/2004 ]
Yeah, that's why I L/O houses. I don't need any credit to do them. I'm not even using my own money. I don't have a home "in my name." I lease/option one. See the pattern? I don't have any kind of credit except for high debt ratio on my credit cards and a loan I took out. Believe me, I can't get a loan. I've talked to everyone. I tell them, look I'm making ok money now. They respond...yes, I can see that BUT (don't you love that word?) you owe too much and you can't provide two years work history. I've always been self-employed and ah, not always so great with the book keeping if you know what I mean.
Thus my problem. I can't do a HELOC because, Hey, I don't have a mortgage in the fist place. I can't get a home loan because I don't have any documentation that I've been working for two years and I don't have a sizable down payment, all my money goes towards paying off my rather large debt. So basically, traditional financing is out--completely.
If you guys have ANY ideas, that would be grand.
Thanks.[ Edited by kingmonkey on Date 02/28/2004 ]