Hello! Happy Cinco De Mayo!
I will document this latest deal as we go so you can see the process and progress as it moves along.
1 – We just got the offer accepted. I originally offered $1k and 4 months rent included. They wanted $10k and no rent. Got it for $6k and 2 months rent.
2 – Work bid breakdown will be included on next post. So far $6600 labor plus materials. Shooting for under $20k total but could go $1k-$2k either way. Labor could change if we find items that need to be addressed.
So the mobile home was sold to a person who had an autistic teenager.
Special need kids are a blessing and can be a challenge.
My brother had Downs Syndrome so I can appreciate her situation.
He would throw himself against the walls and if you see the pics and video you can see the results.
Got a peek at the contract the lady had.
I ran an amortization schedule based on the interest, loan and term.
Loan Amount: 38,000
Interest Rate: 13% per year
Loan Term: 10 years 0 months
You will pay:
Monthly Payment: 567.38
Total Payment: 68,085.60
Total Interest: 30,085.60
Annual Payment: 6,808.56
Mortgage Constant: 17.92%
So she owed a little over $10k after 8 years of payments.
The park was trying to recapture the $10k.
However, if you put the reality on the table…
She paid $54.5k in the 8 years. So they lost a bit of interest when banks were giving .02%.
So they are still whole.
And we paid $6k so they’re good.
More updates as we go!