Dallas-Fort Worth Real Estate Investor Club

Thought I would post here and see where it goes. 

3/2 Mobile home on 2 acres.  Seller owes 130K (yikes!)
2007 appraised value aprox 126K
2009 appraised value aprox 80K 

Why the big drop, even for a mobile home that seems extreme.

Anyone had success with mobile homes or know someone that has?

run away? 
loan modification?

If anyone wants to contact me directly, they can visit my website at www.dfwnorthwest.com
just use the contact form there.

Thanks Rocky!  I dont feel (personally) that s sub-to type deal would fit here, simply because the seller is so very upside down on the note.  Speaking of which, they have their financing through one of the large banks.  The land value is about 35K as of 2009.  If I could manage a short sale at deep discount, it might just cash flow.

If I decide to pass on this, is anyone else interested?

Mobile homes are a license to print money in the REI business -- IF you are willing and know how to work the "system."

The short version is that you buy them at MUCH lower LTV / ARV ratios than stick-built residential structures. You then collect a large (as a percentage) down payment and owner finance. Then you keep the down payment, sell the 1st, and keep the second.

Don't misunderstand me, there are challenges. But the rewards can be VERY high -- provided you are willing and able to "get dirty."