Bought a cheapo mobile home, now what?
I bought a fairly nice MH today in one of the nicer parks in my area for $3,500. My exit strategy was originally going to be selling with owner financing, something like sell for $9,000, get $500 down payment and finance the rest for about $250 a month over 42 months.
But I've been researching this whole Frank-Dodd act and I still can't get a clear answer on whether this is legal or not. I'm in Missouri, which allows up to 4 of these deals before someone is considered a 'dealer', so I'm okay there, but the gist of the posts I have read seems to be that I am NOT okay selling this with owner financing.
My other exit strategy would be to simply sell for $9,000 cash and offer to pay up to $1500 for someone to move it to their land or where ever, since the lady I bought it from said that she had a lot of people interested in buying it but then could not afford to move it. But this might take longer than selling with owner financing.
So does anyone have an alternative way to profit here? I'm very confident I'll do fine on this deal, worst comes to worst I can sell it for $5,000 or $6,000 cash but I'd like to maximize the profits while at the same time staying legal.
I am not allowed to rent the place out in this particular MHP, not that I'd want to anyway.
Thanks in advance.