I want to try fixing and flipping a piece of real estate.



schockergd said:
You can make money off of them, but IMO the best way to do it is to buy and have the tenant sign a land-contract at 10%+ interest. Then take that note and sell it to a contract investor.
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There are new post-mortgage crisis lending laws (search the SAFE Act) that might make it difficult for MH investors to put these owner-financed deals together. BigWill linked a to a book by Lonnie Scruggs, he pretty much coined the phrase for these - "Lonnie Deals"

I have looked into it some, I think a viable work-around is a lease option, but I'm no attorney.

I think it is easy to get sidetracked by the returns these deals provide and forget about what they entail. You'd be working with mobile homes in the 2k-8k range and those kinds of units come with a special segment of the population I don't think most of the folks here would be ready or comfortable dealing with.
 
Technically, fha will loan on mobile homes on a permanent foundation, however they want 35% down which kills 90% of mobile home buyers.

Purchase money mortgages are the alternative to land contracts. The difference is you need a good lawyer to wriylte one up as compared to land contracts which were defined by state law. With land contracts you could pay 90% of your mortgage , miss a payment and have to repay the entire amount again.
 
Buy a house in good shape. Make 13 payments a year on it. Save save save, invest, maximize your rothira, save save save and whatever the fuck you do, and really listen to me motherfucker. Someday you will have your dicked tugged on by a female and youll be in love and shit. Do not under any circumstances let her know about any of the money you have saved up.

/thread.
 
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