Goal : Purchase Mobile home in family park with owner financing. Sell to "Qualified Park tenant" and Pass income verification and prescreen to pay me via payments.
Financial Goal : Pay originator off within 6-12 months and receive $300 month passive income for 60 months
Initial contact - 1980 double wide 3/2 with central ac and attached laundry asking $5500 in family park free and clear (i will do follow up with). lot rent $560 month.
Sellers situation - Seller doesn't live there, father (title is in fathers name) past away. doesn't want to give it to park for them to turn it around for 10k. doesn't want to pay lot fees any more. Will accept payments
Issues - Title in deceased fathers name. central ac not working, est $900 repair for compressor. No cabinets in home.
WHERE I AM RIGHT NOW
that said, my next step is to work with the park. Explain my intentions of purchasing and providing payment options to pre screened and park qualified tennants. Get screened myself for park (likely accepted). being a family park this would be a park i would want to get on good relations with with there not as many as id like to see in this area.
If the park situation all works out, talk seller from $5500 to down to $4000 from ac issue and cabinet and other issues that come up.
- 3 bed in area rent $934 – $1208
- rent to new tennant for $1050 + move in fee
- $560 - $1050 = $560 potential cash flow
Payment for home
- offer 1 to seller $500 month for 8 months =$4000
- offer 2 to seller $400 month for 10 month =$4000
- offer 3 to seller $100 dollars down $300 month for 13 month =$4000
Let me know what your thoughts are. Am i missing anything that you can see. There are always variables to consider throughout the process with will be evaluated at the part of the deal. Do you see any law violations?
Mark, search this forum for "lonnie deal" "buy mobile home". You've re-asked a question that honestly is asked twice a week.
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