What's Your Opinion?
I can take over the payments of a 97 14 x 70 SW.
The catch is that it is on leased land.
I do not yet know what equity is in the MH, but it's in a desirable location and in good shape.
Current rent is @ 115
Current MTG is @ 250
If the cash flow looks good, I plan to L/O this one, but what does everyone think about not owning the land?
Thank you for your time,
Wes Laney
sumtersc,
Wes, glad to meet you.
How long is the lease and if you had to move the unit what are the park rents in your area. These are some factors you would need to consider before you could put a price on the lease option.
Mobile investing can be profitable, but some safegaurds need to be in place before investing this way.
JOhn $Cash$ Locke
John Locke is absolutely right!
A while back I bought a Mobile Home, which was on rented land. The landlady said, when I asked her for a contract, that that was not necessary, she needs the rent for the land, so it could sit there forever.
I had sold the mh, then in the latter part of October had to repossess it because my buyer didn't pay.
I got it back nice and clean, no problem.
Put it up for sale and sold it Saturday, today we were going to close ont it.
Before closing I went to check that everything is still ok with the mh, the landlady comes and says she gives me 30 days to move it! One of her sons had bought a dubble wide and wanted that particular piece of land (they own 2 sections!) to put it on.
Anyway, I talked with a friend who knew that 1,25 acres just down that same country road is for sale and it has a septic and electric pole - he is inquiring who owns it and what they want for it.
I met with my buyers and told them what had happened. They still want to buy it and will wait till I get the land, as a matter of fact they are happy that they will be getting it with land! Of course, it will sell for more, but they will be able to, they said that they have some money saved and could make a higher down payment, but their credit is bad due to their divorces (they are newly wed).
So, it will happen, only have to wait a bit.
Anyway, make sure about the land, it is very tricky when it is rented!
Ladybug