Marilyn and I just closed another mobile home deal. We found a “don’t-wanter” 1991 16 x 80 Gateway. After having two family members die during the time the lady owned it, she was ready to sell the memories.
The trailer booked NADA at around $22,000 and she wanted to sell it for $13,500. After looking at the unit, we gave her a binder for $100 and set out to obtain financing. We borrowed $15,500, giving us $2,000 at closing at 9%. We advertised the home for sale and sold it on a long-term lease to a young family for $50 down and payments of $257 for 17 years.
This gives us a profit of $2,500 minus a $150 carpet cleaning bill and one month’s lot rent of $40. We will also receive about $70 per month profit for the next 17 years for a total of $16,780 profit over the life of the deal. Our out of pocket expense totals about $300. The total down payment: Zero. That’s right, another no money down deal.
The homes are there if you will only be patient and wait. It still makes us feel good to know that we have helped someone have a chance of finding The American Dream of home ownership.
As someone has said somewhere, You will be successful in life if during the time you are walking up your ladder of success you are helping others to be successful instead of trying to walk over them. Happy hunting.