2 for 1 Deal ----- we did it!!!!

12 Replies

:lol: Found a deal. 2 properties for 1 money. Checked around for property values etc..... The properties are side by side mobile/land properties --- 4 properities from lake with lakeview from front porch. Seller wanted $28K for both properties -- needs rehab. Signed contract for owner finance $8k down $300 month 7 years (through pay-off) no prepay penalties. Only 20 minutes from where we live. Property 1 ARV $54K (lowend) Property 2 ARV $65K (lowend) ---- Combined repairs $12K (DIY). Was very nervous to call sellers listing agent and ask for owner finance; but ohhhhhh so glad I got the nerve :wink:

Thanks. They are by Lake Lavon. Our oldest daughter is 18 and her and a friend want to get a place and we love the lake---sooo we are planning on selling the SW to our oldest daughter and let her and her friend do the rehab (we'll help, but it'll give her experience) and my husband and I will move into the DW with our other 4 children after rehab. Then we'll sell the mobile home we own (in park) and reinvest that money to start creating our passive income investing.

Are things selling well in your park? Do you own your trailer free and clear? It would be nice to seller finance your trailer to get a better price and sell faster.

Shelly,

You mentioned selling your current home and starting to invest elsewhere. Have you run the numbers on you current property to see if it would be worth renting out? If so, you'd already have 1 rental up and running.

Originally posted by Jeffrey K.:
Are things selling well in your park? Do you own your trailer free and clear? It would be nice to seller finance your trailer to get a better price and sell faster.

Sales in our park are ok -- could be better if there were more affordable options for buyers. Yes, we own it free and clear. We have thought about selling on contract---but the park also does owner finance ($3K down $850-900 month till payoff and that incluces lot rent & basic cable (currently $285 month). So we'll have to talk to them about doing it---to see if they would allow that.

Originally posted by Financexaminer:
Congrats, see if you can pay that off in those seven years and not worry about any refi.! Good luck...

Thanks. We don't plan on any refinance. We were thinking about paying them off early. However, it may be wiser to use those 7 years to invest in other properties for passive income. Then in 7 years we are debt-free with monthly income.

Originally posted by Charles Perkins:
Congratulations Shelly, sounds like you are beginning to build some investments.

Thanks Charles. Yes we are :D . The hardest part for me was asking for owner financing. But through researching I knew that no bank/mortgage company would do a loan for less than $50/75K and especially not on older mobile homes. I also knew that most people don't have $28K cash just lying around and also the fact that the seller had it listed for over 6 months and lives 6 hours away and obviously could not do the rehab herself. Previously had successfully made offers to bank on properties at 35% below what they were asking (but that was easier for me because they had no personal interest in the property).

Now we are ready!!! I know not all sellers will say "yes" to an owner finance option; however, now I know some will and all I have to do is ask --- that's how we learn right? Asking questions.

Great job. Sounds like you have been investing time and learning the ropes. It never hurts to ask about seller financing especially in this market.

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