Your wise words of wisdom here please

[Aaron Junck]

I have been in the talks with a gentleman on purchasing a lot that has a mobile home on it. I don't want to be a landlord of a mobile home!

Here is my thoughts. He wanted originally 30k for the lot and the mobile home. It is surrounded by stick built homes(not in a park). I have him down to 25k for the both and I would put down $1500, in which $1000 would be for the mobile home and he would give me a clear title to. The remaining $500 would be a down payment for the land itself. The remaining terms are 23,500 at 0% and payments of $250 a month until paid off. My plan is to put $2000 into the mobile home "freshing it up" and then CFD it(only the mobile home) out for 6-7k on terms with 1k down and 18% interest for 3 years. Payment would be around $215 a month plus I would charge lot rent of $235(going rate). Taxes on the lot are just over $500 a year.

Hypothetically, in just 6 years if I apply all revenue to this remaining loan I would then cashflow $200 a month roughly in revenue by owning this small lot free and clear.

Any wise words of wisdom out there on what you would do if this offer presented itself to you?