Posted by Nik on November 01, 2009 at 19:10:43:
In Reply to: Re: mobile home deal posted by Brenda (OH) on November 01, 2009 at 18:09:05:
2br 1 bth apartments with similar SQ.FT rents run in between $850 to $1200 in the area.
I'm in Southern, California and the home is a 1974 20x40 Double wide, she thinks it may be a little bigger than that. It's a 2 bd, 1 bath.
I figure I can pick it up for around $2500-$3000, and do the repairs and advertising/lot rent for around $1500 or less. With those prices, I'm in the $3500-$4500 ball park range, and I would sell holding the note on a 30 year loan. I looked around for local rates on mobile lending, and 12-15% was average with approval. So, I Figure I can at least get 17% interest. I would sell the home for $25,000 on a 30 year note with an interest rate of 17% a year; payments of $356.42 a month.
The payment on top of lot rent would be around $950 a month. I could play around with the figures to get the home with a smaller payment to get the monthly payment with lot rent around $900 a month.
I'f I'm correct, 30 years = 360 months, 360 times $356 is $128,160
I just read the book a few days ago, and am truely going at it, and I thank you for helping me with your advice and expertise. What do you think Brenda/all?
- Re: mobile home deal JeffB (MI) 13:30:13 11/03/09 (0)