Private Lender - So. Calif. Mobile Home

General Real Estate Investing
1

I have a 1355 sq. ft. 1987 Kaufman & Broad double-wide in a park with a $55,000 appraisal on it and I have a buyer for $57,000.

The buyer has $25,000 cash and wants to buy it, but since he just started a new job (commission), he can’t seem to qualify for a loan through a lender. I owe $37,000 on this unit and am willing to carry a small second for 3-5 years.

Does anyone have any ideas on how to put this together?

It would require about $16,000 cash to clear off the existing loan and pay closing costs and give me a few $$$$ for my expenses. I would be willing to carry a balance of $16,000 for 3-5 years.

Thanks,

Dave Roekle
FSCi, Inc.

2

Howdy Dave:

What is wrong with getting $20,000 down and letting the buyer make the payments to you and you pay the bank on your loan. Give them a year to get a new loan to pay off your loan. 1987 double wide for $57,000 and no land wow. I need to start hauling double wides to Ca.

3

Ted–

The park requires owner be the registered owner. In order to change the registration, I would have to pay off the existing lender ($ 37,000).

I originally thought of that idea, but it won’t fly with the park rules.

Thanks for the feedback.

Dave