Hi Everyone
Has anyone ever wrapped a mobile house moved on to the wrappee’s fully owed land?
I have another pensioner (!) with $20,000 deposit meaning he only needs to borrow about $50,000 for a transportable home. Unfortunately his income is only about $275 a week so proabably can’t afford anything (is that right??), but the idea of wrapping just the house was something new to me, and I was wondering if others had done it successfully.
Cheers to all
JenWhat happens when you lend him the money and he just drives off into the sunset?
It is very hard to get bank finance for these homes as they can be easily moved. So you wll have the same risk, you will also find it very hard to finance and will have to pay for most of it in cash, making it a low return. And what if he defaults? you will have to take back a second hand transportable which may have dropped in value.
Terryw
Discover Home Loans
Mortgage Broker
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Thanks Terry
I’ve since learned the same when I ventured to buy at lease hold property for a client.So, am still trying.
Jen
you could always put on a couple of homer simpson wheel locks for security. :o)
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