I
buy and sell older good condition single
wide MHs in MH Parks to good quality
residents.
I'll take small down payment and take
buyer's promissory note so as to make a
nice return on my investment.
I
do all the work here and can get the
investor (wholesale) buyer a very nice
return on his acquisition cost.(*see
example below)
As
a retired lawyer I'll form a new LLC for
the venture and the investor and I'll be
owners of same, as per its Operating
Agreement and investor will be the
manager of LLC.
I
first check out the buyer so as to make
sure he's no ex-felon or sex offender
and has decent credit and income; then I
prepare the Sales Agreement with our
installment note purchaser as I have
years of written contract drafting
experience from law practice...also I
make sure the Sales Agreement complies
with state consumer and home purchase
laws on which I'm always conscious and
aware.
Typically take a 10% or better down
payment and a 3-7 year note for balance
of sales price. Our LLC, with you as the
Manager will be the named payee and
control the check-book and we'll split
the payments as previously agreed
between us, as they're made.
Give me a call anytime and let's make
some money here!
Bought a little '77 single wide MH in
decent condition for $2750, paid 3
months MHP lot rent @$350 per month, for
total of $4300 into the deal; then sold
for $7800 to 2 middle-aged brothers who
paid us $1500 down, and gave us a 4 year
note for $250 per month @ 10% interest.
