[Travis Rule]

Travis Rule

Here’s the scoop.. The owner has purchased another home out of state and needs to sell quickly. He is leaving the mobile home mostly furnished because it is not cost effective to move contents. The lot fee is $400 a month and he does not want to be stuck paying it after they move. A few months ago he was trying to sell it for $15,000, but recently dropped his price to $6,000 to sell quickly. I don’t really know what the home is worth, but will check NADA tomorrow once I see the home.

The home is a 2/1 and suppose to be in good condition. I contacted the seller today and said that I may be interested in purchasing his home if he agreed to my terms. The owner agreed over the phone to accept monthly payments so I started marketing the home to see if I would get any bites. I now have several people interested in renting the home for $850 a month. I also have a gentleman that is very interested in owner financing and can put $3000 down.

Here’s what I would like to do. Get the home under contract with the seller for $6,000 or less and make payments. Contact my potential buyer and offer him the property for maybe $12,000- $15,000 with $3,000 down. I could take the $3,000 down and pay it to the seller and only owe $3,000. Or, I could rent the property for $850 a month. and within 10 months have the home paid off, then have a cashflow of $450 a month

Please let me know if you have any suggestions or see any potential problems with this transaction. I have an appointment tomorrow to see the property and would like to get it under contract.

I also need a contract and would appreciate it someone could either send me one or let me know where to find a contract that will work for this transaction.

Any Help would be appreciated

Travis
954-330-2388
[email protected]

[Anonymous]

Anonymous

sounds like a good deal.

do not offer the seller any down payment.

you need to find out if there is a loan on the MH

you should buy Lonnie Scruggs e-book which has all the paperwork you need. I think it si $20 at http://www.LonnieScruggs.net

Let us know what happens.

Jackie

p.s. I’d resell for the $3k down.

[Travis Rule]

Travis Rule

Jackie,

Thanks for the advice. I will purchase the Lonnie Scruggs e-book and hopefuly get the home under contract tomorrow afternoon. The seller owns the home free and clear. What contract should I use? Thanks for all your help!

Travis

[Hank Baltar]

Hank Baltar

Travis,

You are doing great!! If I read correctly, you’ve already gotten Lonnie’s book as Jackie recommended, use the contract for “buying”. You will note that it is different than the “selling” paperwork.

The numbers look great on your Lonnie Deal.

Way to go!!

Hank