Hi CFD Community,
I have the option to buy a 3/2 – 2011 single-wide mobile home in a nice park in good condition.
Seller owes $12k on the mortgage and is 2 months behind.
Monthly lot rent is $550 and monthly mortgage payment is $313.
I think the property is probably worth ~$60k.
My thoughts are to construct monthly payments to the seller to cover her payment (master lease?) and either rent or sell to a buyer and make arbitrage?
There might be better ways to do this, but I think there’s definitely an opportunity here…Also thought about trying to sell with owner financing since lending can be difficult for manufactured homes. The benefit to renting would be opportunity to increase rents – but the downside would be – maintenance.
I just don’t know that I can sell with owner finance and some how not pay off the lien on the mobile home since my understanding is that liens have to be paid off in order to transfer title.
Thanks for the help!