All Forum Posts by: David Bailey

Harold, yes but the owner has a older mortgage at 8.5%; making the deal with nothing. But if I could find a lender who does these types of properties for 5% the numbers could work. I am finding out these types of lenders are hard to find.

have an opportunity to buy good condition used mobile home with half an acre of property. wanted to set this up for a rental property with lease to own.have a young couple who wants to purchase but they're having trouble finding financing as many financing companies will not loan for used mobile home. does anybody have a lead on a company who does finance used mobile homes in Louisiana?

Hi Mike,

I would speak to your tax advisor on this as laws can be different state to state. That being said I will give you my .02 on it. Based on deals I have done, capital gains comes into play and is typically 15% but that also depends on your income and if you had any losses. You can go to the IRS website and look up topic 409.