Posted by Philip on October 23, 2003 at 21:13:58:
I guess all people need fairly safe investments. And that money needs to work for them. So I guess in that regard many of them and I, or us, are the same.
I doubt their noses are as large as mine…that would be a difference…that applies to…nothing that I can think of.
Philip
A problem I never expected - Posted by Philip
Posted by Philip on October 22, 2003 at 07:43:50:
I have another person with enough money to do one or two mh deals who wants to invest with me.
I could probably do 5 deals right now if I could find them, all with investor money. This to be payed out in the form of relatively low interest partial notes.
Like I have said, I am a good salesman. I can sell them on the investing idea…IF they know me, because I have a honest reputation.
If I could only deal as fast as I “accidentally” sell!
Any specific solutions?
Philip
Not to worry, my friend. It is normal… - Posted by Dr. Craig Whisler CA NV
Posted by Dr. Craig Whisler CA NV on October 22, 2003 at 16:52:39:
…progression for this to be the case at first BUT, things will soon reverse courses.
It is normal to not be able to get enough good deals for you money to play with at first. Later it will become normal for you to not be able to find enough money for all of the deals to play with. This is the course my investing took and I suspect that a lot of others have had similar experiences.
At the third step in this progression it is normal to have all of the deals you can shake a stick at, as well as all more money you can carry, but a new problem rears its ugly head. That is a lack of time to do all of the deals you can find and finance. That is sort of an, end game, reward that you have to actually savor to appreciate. Just when you get to the point of having everything, you find you are too old and tired to do much with it. We should all be so lucky. :~0
This is the reason that I am again using partners, even though I don’t need their deals or their money. I need their youth, vitality and energy.
Sometimes life takes strange and unexpected twists.
This probably is your future too, Philip. When it happens, remember where you heard it first.
Regards, doc
Re: A problem I never expected - Posted by Chuck
Posted by Chuck on October 22, 2003 at 09:41:37:
Since you have mo’ money than you do deals… start buying mh notes with full recourse, selling partials of the same to your investors, making your profit on the split.
(90% of the work and risk just became someone else’s problem).
Re: Not to worry, my friend. It is normal… - Posted by Philip
Posted by Philip on October 22, 2003 at 19:23:36:
Really? I would have thought many folks shied away from these private type investments. I guess it is the small amount risked that can make these deals look good.
Thanks for the little look ahead Doc.
Philip
Re: A problem I never expected - Posted by Philip
Posted by Philip on October 22, 2003 at 19:25:49:
I don’t know how to find anyone local to buy from, that I know well enough! I will have to learn how to find that person.
I also don’t know what “full recourse” is.
I DO like the investment type as a quicker way to put everyone’s money to use.
Philip
Re: A problem I never expected - Posted by Jeff_AL
Posted by Jeff_AL on October 22, 2003 at 10:46:28:
Chuck,
I am pretty new to the MH Biz. Can you explain in laymen terms what “Full Recourse” means. Thanks in advance.
Why would they do that??? - Posted by Dr. Craig Whisler CA NV
Posted by Dr. Craig Whisler CA NV on October 23, 2003 at 11:14:21:
People with money to invest actually LOOK for investment opportunities, believe it or not. Why would that surprise you, Philip?
If you can put lots of deals together at 50%-60% of their true value, you need only to talk about a few of them and investors start gravitating toward you. You start getting invited to Sunday barbecues by almost total strangers. People drop hints at every oportunity. When you tell them that you have enough investors right now, a feeding frenzy develops and they start to pressure you in subtle ways to accept them and their money as partners. Then if necessary they practally threaten you, if you don’t let them in on a few deals.
No Philip, there is NO shortage of private money seeking half of deals earning 150%-200%, It surprises me that you are surprised. Does that surprise YOU?
A successful investor, and his deals, are soon popular, even if he isn’t.
Regards, doc
Re: A problem I never expected - Posted by Rod - Mo
Posted by Rod - Mo on October 22, 2003 at 20:06:25:
Philip,
Still haven’t made my way down to your neck of the woods. I’m working two major deals 3 hours apart, so time is very limited these days.
Full recourse is explained in an earlier post, so you have probably already seen it.
One possible source for used homes you may not have tried: call the toters in your area and find out if they know of anything available. Ask if there is a storage lot nearby. I think there are a couple in Joplin. Being on good terms with the toters can be as good as being on good terms with PMs.
Best of luck
Rod
Re: A problem I never expected - Posted by Chuck
Posted by Chuck on October 22, 2003 at 11:36:29:
It means ALL of the following things.
That the note seller guarantees payment of the note (he is reimbured when the homebuyer makes the payment to him), that the note seller will replace any defaulted note with one of like-value from a future deal, or purchase the defaulted note back from the note buyer.
Earlier discussion on this topic can be found here - http://www.creonline.com/mobilehomes/wwwboard4/messages/32287.html
(easier to point to it, than to reinterate it)
Re: Why would they do that??? - Posted by Philip
Posted by Philip on October 23, 2003 at 14:44:14:
Would it surprise you that I am not surprised that you are surprised that I am surprised? You just know a bunch more than me. I am conservative and would look at askance at someone claiming high yields. I would check everything out 10 ways from Sunday before I even thought about giving them money.
So, naturally, I thought everyone was the same as me.
Philip
Some folks are just too dumb to… - Posted by Dr. Craig Whisler CA NV
Posted by Dr. Craig Whisler CA NV on October 22, 2003 at 21:25:59:
…see even the obvious. Me for example.
What a great idea Rod. I had never thought of that one before and I KNOW from first hand experience how well it works. Remember the post, last Sunday, from Irwin mentioning a possible mobile deal available in Ventura? I was the one who bought it. It was in a STORAGE lot with a lot of others. The seller was paying $300/ mo. to store it and eventually got desperate enough to sell it to me for 1/5 of what he paid for it a year ago and it was all ready to move, with all teardown already done, and the wheels and axels etc. in place.
I wasn’t even smart enough to inquire about the other mobiles in storage. Guess where I will be tomorrow morning? There must be 50 storage lots in Southern California, yikes!
I’m wondering if I should even start a storage yard of my own. Hmmmmm…
Somtimes I find hanging out on this board to be soooo profitable.
Thanks again for the GREAT tip, Rod.
Regards, doc
Some folks are just too dumb to… - Posted by Dr. Craig Whisler CA NV
Posted by Dr. Craig Whisler CA NV on October 22, 2003 at 21:22:54:
…see even the obvious. Me for example.
What a great idea Rod. I had never thought of that one before and I KNOW from first hand experience how well it works. Remember the post, last Sunday, from Irwin mentioning a possible mobile deal available in Ventura? I was the one who bought it. It was in a STORAGE lot with a lot of others. The seller was paying $300/ mo. to store it and eventually got desperate enough to sell it to me for 1/5 of what he paid for it a year ago and it was already to move, with all teardown already done and the wheels and axels etc. in place. I wasn’t even smart enough to inquire about the other mobiles in storage. Guess where I will be tomorrow morning? There must be 50 storage lots in Southern California, yikes!
Somtimes I find hanging out on this board to be soooo profitable.
Thanks again for the GREAT tip, Rod.
Regards, doc
Re: A problem I never expected - Posted by Philip
Posted by Philip on October 22, 2003 at 20:12:17:
Yes, I followed Chuck’s signs to the post about full recourse.
I do know 2 toters in my area and will check into that.
There is one storage area southeast of Joplin.
Thanks,
Philip
Re: Why would they do that??? - Posted by firefox
Posted by firefox on October 27, 2003 at 01:31:14:
>I am conservative and would look at askance at someone claiming high yield
Then why offer high yield? Really, I’m serious. People have been taught by stockbrokers that yield == risk. Don’t disabuse them of that. Take their cheap money and do your cackling out of earshot.
They are the same as you, isn’t it nice. - Posted by Dr. Craig Whisler CA NV
Posted by Dr. Craig Whisler CA NV on October 23, 2003 at 17:10:08:
They check 6 ways to Sunday, just like you and when everything checks out, you practically have to beat their money off with a stick.
Remember, they and you, will be co-owners and since you are in the same boat, if they lose, you lose too. Thats sort of reassuring, don’t you think?
Regards, doc
Re: Why would they do that??? - Posted by Philip
Posted by Philip on October 27, 2003 at 11:01:24:
“High yield” is relative I guess. I am not partnerig with anyone. So when someone is buying a partial note at 8-12% they think they have struck it rich. It does make a winning situation for both of us though.
I guess I am pretty cynical. This last person that wants to invest with me hadn’t heard but a few sketchy details and they wanted to jump right in. I wouldn’t do that…but then again…I am pretty cynical.
I agree with you though, dont give away an unneccasarily high amount of yield.
Philip
Oh! uh… - Posted by Philip
Posted by Philip on October 23, 2003 at 21:19:31:
I DID think of a way that having a large nose pertains to something! The breathing of lots of air, which is free! Just like you said in a post. You said you have a large nose so you could breathe lots of air, since it is free.
PS - My family thinks that is hilarious.
Philip