This Mobile Home Guy Needs Some Advice
Hi all, Ok you all know I am really into Mobile Homes and I am not seeking advice on them, I can handle that area just fine.
But, I am looking to buy a home(stick built) for the purpose of putting a buyer in.
Ok, here is the deal, I came accross a buer today looking at Mobile Homes because he doesnt feel or someone told him he wasnt able to be financed.
Truth is, based on the income of Him and His mother I dont think they can at present either.
However, they have $35,000.00 cash to put down....
Ok, first off, I can put them in a Mobile Home on land but if I do so, its going to eat up most of the $35,000.00 leaving a small margin of proffit for me.
But the idea hit me, if I was to purchase a property of which I have been looking into anyway for the purpose of doing a contract for deed(Owner carry) or lease option with these people I could put a large chunck of that 35,000 in my pocket.
Also, I could probably get them financed in a year after showing a good payment history. Or if the worst should happen and I need to foreclose I could retain the money I get down, and just resell the house.
Ok guys I am fishing as you can see, I need a plan of action and I need it fast......... anyone have a better idea, oh yeah, when you explain it, keep it in laymens terms cause this GA boy just might be a little slow on the uptake LOL
Fire away!!!
MarkB
Hmmmm, I would have thought I would have got some activity on this.
Well, I came up with an idea or 2 today but wont know till tomorrow if it will turn anytihng.
I do know this, I can put together a land home package for them and walk away with at the min $5000.00 which is my fall back plan.
Anyone else have an idea or maybe 2??
MarkB
Sounds good to me. Get a house under contract and then get a contract from them with a non-refundable earnest deposit.