Updated over 13 years ago on . Most recent reply
Need Help on a Mobile Home Deal
Hello everyone, (sorry for the misspelling in the title)
I have a very motivated seller who is making double payments at the moment, so really needs to get out his mobile home. It's a 2010 model:
Paid $36,000 in 2010 (brand new)
Owes $25,000, 5.7 years left on the loan at 5.9%
Needs about $1,000 in repairs
Monthly with insurance is $434
Lot rent is $350 month
Annual taxes are $300
Rents for $800 - $900 month
3/2
He will sell for the remaining loan balance or let someone take over the payments.
Can this be flipped for any profit to a buy/hold investor? I was actually considering asking the seller to refinance and bring the monthly down to around $334 and doing a subject-to for the remainder of the loan (5.7 years) and keeping it as my own rental.
It is in a very nice mobile home park, with an information office, a park, and nicely maintained that is located near a very nice and upscale neighborhood in Tyler, TX. The grounds are very well kept and the home itself is nice hardy board and in very good condition. Each lot comes with a concrete driveway.
Please tell me what y'all think. Thanks in advance!