Posted by Michael Morrongiello on November 14, 2000 at 22:28:18:
A good bartender makes his profit in a similar fashion. They buy wholesale and then sell retail. I love this program and especially mobile home and land type “paper”
Mobile home and land paper is one area where the “little guy” can compete with the larger finance outfits and make nice profits.
Please be aware however that IF you choose to sell on a lease purchase agreement you clearly and conclusively document any “down payment” funds your receive and the monthly payments. It would also be wise to build a clause into the agreement that allows for you to covert the lease purchase into a more traditional mortgage or trust deed and note instruments at your option in the future.
Otherwise when it comes time to sell your “paper” to a note funder (like ourselves)it may be problematic in purchasing a “lease purchase” type agreement which is NOT recogized as a bonafide instrument of indebtneness.
To your success,