how to buy a mobile home subject 2?
I have bought houses in the past sub2 so I'm experienced doing house sub2. I have a seller that wants me to buy his mobile home sub2. The MH is in a mobile home park so it is just the MH that I would be buying not the real estate.
Please advise
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Take the property subject to existing financing. Just like you've done before. No magic.
I took one over going into foreclosure. Did a lease option with the current buyer on the mortgage to leave the loan in place. Got power of atty, authorization to release information, etc.
Did a lease option to a new tenant buyer. Higher purchase price than is owed and higher payment than the bank loan amount.
Actually, that particular tenant buyer isn't performing so this weekend, Sep 1, I take it back over and just today ran a Craigslist ad for a new tenant buyer to put down a deposit and do a lease option as a handyman special. I know the place needs a bit of fix up (not a lot) but I don't need to do it. Let the new person do it to save money on the purchase, move in, etc.
Lease option and fixing it themselves to move in, engenders pride of ownership most of the time, not all, but most.
Yes?
Have fun!