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Updated about 1 year ago on . Most recent reply
My heart hurts. BAD INVESTMENT
I bought a manufactured house and the land for 60k. I put in about 30k. I put it on the market and instantly had several interested buyers along with an offer for 140k conventional. Even though the manufactured house is pretty much completely updated... the manufactured house was made before 1976 so no buyer can get a loan. Any advice? I can get $1,000/ month in rent or do I just sell for a loss and try to find a cash buyer who would live in it.
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Only .15 acres. This actually ended up turning into a good deal...hopefully. I am doing an owner finance at 10.75% on an 10 yr note and the buyer is putting 60k down for a purchase price of 125k. Of course, hasn't closed yet but no more contingencies.