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Updated almost 5 years ago on . Most recent reply
Mobile Home
There is a mobile home in a park I’m working on. The park will not allow rentals and I am not allowed to buy and then sell it. The only way I could think of to make money was to wholesale it and hold the note for the difference. Does anyone have any other suggestions?
The owner wants 8K. I plan to wholesale it for 10K-12K. For example: If I get a buyer with 6K to put down I will pay the current owner the remaining 2K and hold the note for the difference of 6K to 12K.
In addition, I’m not exactly sure how to hold a note for a mobile home. Would I just hold the title?
Most Popular Reply
#4 Innovative Strategies Contributor
- Rental Property Investor
- Clarkston, GA
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#4 Innovative Strategies Contributor
- Rental Property Investor
- Clarkston, GA
Walk / run from such deals. Please read similar threads here. Old topic of why to never buy homes in parks and why Dodd Frank has stopped us from buy then seller finance homes in parks.
This parks manager is why the Lonnie Deal is dead. You are completely dependant on a friendly park manager and the manager staying friendly. Move on. Buy double wides on their own land. Great business model. I rent to own, seller finance to be free of the low quality renters for mobiles... High quality rent to own'ers.