Terry Bailey
Active 8 months, 2 weeks agoForum Replies Created
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I just want to warn you that many parks will not let you rent out homes in their parks, so check before you pursue that thought much farther. They only want owner-occupants. If your option is for not much more than the amount to pay off the mortgage and maybe a little moving money, then grab it and pay off the mortgage. If you don’t have the money right now, send me an email at [email protected]. Maybe I can help. You want to get the trailer fast, before they decide to try and sell it themselves if there is that much equity in the trailer. Once the deal has been made, you could try a highest down payment sale on the trailer and do pretty well. You will need to find out what apartment rents are in your area, because you don’t want the down payment and lot rent plus utilities, taxes and insurance to price you out of the market. Good Luck!
I think Don and Dee have some good thoughts. The interest he is paying on the mortgages is deductible, which may help him with his tax situation. I tend to be more conservative in this economic climate, so I would at least pay off the $19,000.00 mortgage at 9%.. The other two are much lower rates, so if his 12 % return drops, he still may be okay.
Thanks for your comments Jackie and Don.
I really think the house is worth about 55k, but I intend to find out what the owners sold their other house for. The tenants wanted to buy but could not get financing. and that was at $39,500. The family was homeless 5 months ago and the father works at the same Pizza Hut he did when he was 16. The houses were built in 1940. It is a very rural area with a lot of small lakes. The owners hate being landlords and need money to pay off some medical and funeral expenses. Since they are in the process of moving, I told them I would let them know my decision by Thursday night.
Terry
