It shouldn't just be seen as a single account/investment and then ditch it without first examining how it plays into your total financial picture.

If you examine the potential fines and penalties and weigh that against the cost of getting legal and compliant and doing so still doesn't make sense with any solution (there are at least 3 for different sized operations), then getting out may be the best option.

I guess I'll have to disagree here.

I don't disagree with much of what has been said in this thread but I can assure you the park models or mobile homes are built to a much higher quality now than in the past when they gained the reputation.

I dont disagree with Brian Hoyts assessment based on his assumptions, I simply make different assumptions.Dont have enough info on the one side, but the 1" drop on the other wouldnt cause me a great deal of alarm.

And the most successful real estate investors don't spend their time swinging hammers.Just my $.02...I'm sure there are some who will disagree...

I like his basic info, just disagree with "how easy this all this" as he presents it with getting private money from anyone and everyone.

Even when people disagree here- its not done viciously--- and the whole community learns from all the different points of view.

If payments are slow or in default the examination can go deeper.Then if it's discovered that you misrepresented things, you could have problems.It's irrelevant if you know of someone who lied on a mortgage/loan application or if you know someone who says they know someone who did, or the amount you put down, or good intentions, knowingly presenting false information or obtaining a loan by deceiving an insured lender is a felony.I suggest you seek other financing options, with your down payment there should be seller financing options available, partner with another, if you have a retirement account you might be able to change accounts and borrow from yourself, seek private investors, do an installment deal like an option to be financed in the future in 3 or 5 years later.

So, it is a liability UNLESS it produced income in excess of the expenses.I respectfully disagree with the definition.