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BillVargas

L/O For Mobile Home???

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My 1st caller just told me that she has purchased a single family home for $192,000 and is unable to sell her mobile home she owns free and clear with an appraised value of $35,000.

She told me that she has been unable to sell the mobile home and that is why she called me.

I told her I don't normally get involved with mobile homes put if she could get a mortgage on the mobile home and use that for her down payment on the new home , I may be able to help her with a lease option for the mobile home.

What do you guys and gals suggest???

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Bill, while I don't personally get involved with mobile homes, (there just aren't many here in south Florida), I know a few investors who do. They swear by 'em. The concept and principals you would use for dealing with a SFH still apply to those little hurricane magnets, (hmm.....maybe that's why we don't see them down in these parts). Do your due diligence and get the numbers. If they work, why not make an offer?

Did the seller tell you she needs the cash from the can to buy the house?

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As for the needed cash, you did right. Suggest refinancing as a win/win solution. She pulls out the needed money to move on to her new home, and you take over her payments. She can forget about the problem property and you can take control of it with nothing out of pocket, (again, assuming the numbers work and tell you it's a worthwhile deal).

As for buying and renting, my feeling is these units only go down in price, much like cars. The depreciation rate is rather rapid. Plus, the type of tenants they attract are usually transient and require a lot oversight on your part.

If you can get it at a discount and flip it or assign the contract, that might be the way to go, versus buy and hold. My three cents....

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