My first mobile home deal...would you do it?
I've been in SFH's for 15 years and am wanting to add mobile homes to my portfolio. I found a deal and the owner is motivated. She is asking $9000 for a 98 model 3/2 in a nicer family park. She informed me that she was negotiable but she still owes $6000. The home needs about $5000 in repairs. Paint, carpet, and hvac. I am thinking of offering $1000 and take over her payments/lease option deal until paid for. Lot rent is $286 mth and her payment is $210 mth. The home should rent for $650 mth. My plan would be to rent it until it was paid off and then sell/ carry a note. She has purchased a home and wants a little money to buy furniture. She is moving this month and wants to sell asap. Park manager will let me manage and rent the home. Deal or no deal? What am I missing?