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Is it wiser to have the lot rent included in the note? Why not have the buyer be responsible for it? Is there a history in your experience of tenants/buyers skipping out of lot rent which caused some issues?
would need to speak with a lawyer for legailities - all i include in the note is the house payment itself. I have a seperate agreement that states they will pay their lot rent to me in escrow and i pay the park directly. I do that to ensure lot rent remains current and I do not have concerns of eviction without my notice and receiving a large differed lot rent bill
Double wide: 3/2 $6,000 with $3,000 in repairs =$9,000 total invested.
$32,000 sell price.
= $28,000 loan for 72 months, 12% interest, $547.41 a month plus lot rent of 525. Average rents are $1100-1200.
C on C = (547.41 × 12)÷(9,000-4,000)= 1.31 = 131%
Thanks for the info legend!
So I have a simple question regarding interest! I understand the calculations perfectly but don't exactly understand interest. So when we calculate the month payments, they are the same throughout the entire lifespan of the note correct? So how exactly does interest fall into the payments? Is it like 9% (for example) of the entire purchase price and then this number is distributed through the 60mo? Hope that makes sense! Just curious so I would be able to confidently explain how interest works to potential buyers
Daniel, such a great series man! Appreciate all you do for us, you deserve a statue lol. I always wondered how to comp value of mobile homes, these last two videos cleared that up perfectly. Had a question about incorporating my private lender into this. How have you structured deals with a lender's monthly interest payments due?
I have not used a lot of pruvate money on mobiles, but when i did i gave them lien to the property, and then had a promissory note with interest paid to them motnhly for x amoutn of time, and just made sure my income coming in was more than myincome going out.