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Updated almost 15 years ago,
How can I do this transaction? My head's spinning
Maybe this isn't something I should even consider, since I haven't even done a deal at all yet, but would love opinions. Plus I have only $2000 to work with.
I had my first ad come out in the local paper (I live in a very small town about 40 miles from Houston) Tuesday. I've been contacted by three people so far.
One of them was a man wanting to sell his 95 16 x 76 with 3 BR 2BA for $10,000 and it has to be moved. Not too great, I know. But I went out to see it anyway. it was okay, but does need some work. I didn't make an offer, since I had no idea how much I should offer, plus I only have the aforementioned $2,000.
A couple hours after I got home, I got a call from a lady wanting to know if I would be interested in taking her 2 BR MH as a down payment on a newer 3 BR MH. I told her I would be interested, but that I don't have a 3 BR at the moment. But I had just looked at one that she might like. She wants to put the new home on the land she owns (where rhe old home is). Both of these homes are in the same tiny town right next to my town.
So, I was thinking maybe I could sell her home with the buyer paying to move it themselves. I could then use that money to buy the 3 BR and have it moved to her land. I would then mark up the 3 BR quite a bit and take my profit in payments. She said she wanted to keep her payments under $500. Yeah, I think I could manage that.
Maybe that's too complicated for me to pull off. What do you think? And of course, it depends on whether her home is decent or a piece of crud. I'm going to see it tomorrow.