All Forum Posts by: Account Closed

Steven Johnson, Tom Goans:

Thanks for the advice. I got a phone call from someone that is interested in buying it, so I am thinking about the Lease Option. Thanks for the heads up.

Hey everyone: This upcoming deal is my first, so I wanted to run some numbers by some that are more experience to make sure it is working out, and I'm not missing anything.

I plan to buy a mobile home for $3700. The current residents will be able to stay and I will get first months rent up front. So here are the numbers:

+$550 — rent
- $240 — lot rent
- $75 — loan repayment
- $50 — vacancy
- $50 — maintenance
- $10 — umbrella insurance
+ $ 75 Cash Flow.

The plan is to rent it for about 2 years and then try to sell it with a lease option. I'm wondering if these numbers look right, and if I'm on the right track. The umbrella insurance is a guess. I planned on getting a quote tomorrow. Any suggestions or thoughts would be greatly appreciated.

Great work in helping the son out. It might have been a tough deal, but it is good to hear that those that needed it caught a little break.