Mobile home: how would you do this deal?
Hello everyone; here's the situation I'm looking at:
Young lady has a husband that split and stopped renovating her mobile home. It doesn't look too bad, one bathroom needs some work, and the electrical needs some work. I estimate $5,000-$10,000 in repairs (I'm being conservative based on what I saw in a quick walk-around).
I asked her sales price, she said she had it listed at 28,000 but took it down. She said she's not expecting that much. I asked her all cash lowest price: $10k
Reason for wanting to sell: doesn't like living in a MHP, wants to rent for a while and then buy a "regular house."
Comparables in the area go for 29-45k according to a realtor. This realtor was listing several homes in the area so her numbers are probably a bit high. She had one comparable listing at 29k that she said was highly motivated to sell because they bought a home already and would take 19k. Based on the couple of other comps I saw, the houses were indeed listing within the realtor's range.
===================
My plan: call the seller tomorrow and find out how much of a monthly payment she wants. Then see if I can attract a non-qualified buyer who can get accepted by the park manager and put down a decent down payment, then sell it it on owner financing with me taking a small finder's fee.
PS: As a new investor I'm doing this mainly for the experience: I'd be content to net even $200 on this deal.