whats the down side of buying mobil home with owner financing

cookdane65 · Joined: 30 Oct 2009 Posts: 1 1.00 Dollars($)

I am thinking about buying an older mobil home from a neighbor. mobil hme. is on rented lot. Owner will finance with minumal down payment. $ 1000.00 down $215.00 mnthly paymnt for 5 yrs. with $11000.00 baloon pymnt. I dont like the baloon paymnt but i figure at the very worst, its relativly cheap rent for the next 5 yrs if i cant make the baloon paymnt.

Posted: Sun Nov 01, 2009 2:00 pm Post subject:

Is the owner of the Mobile Home the same person who is going to rent you the property? My concern would be the month-to-month rental. I'd want a long term lease instead.

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