Posted by Tim (Atlanta) on May 20, 2000 at 19:35:15:
One good way is to try to sell the note created yourself. You might be able to find an investor that would buy the note. Or perhaps you could get your buyer qualified for a loan through a lending company like Conseco. One other option is to sell a partial on the mobile home note. If you have read Lonnie’s books (and I certainly hope you have), he mentions these ideas.
If you are interested in selling a partial on a note you hold, just email me. I buy those all of the time.
additional funding - Posted by Allan Chapman
Posted by Allan Chapman on May 20, 2000 at 14:50:35:
What is good way to get additional funding
for mobile homes deals once your own money has run
out? I am interested in making this a business
that I could grow quickly and not have it take years to
build.
By the way I live in Canada.
Thanks Al
Re: additional funding - Posted by Allan Chapman
Posted by Allan Chapman on May 23, 2000 at 21:18:15:
Thanks everyone for the good advice!
I plan on using some of this to get started.
Re: additional funding - Posted by Lonnie
Posted by Lonnie on May 20, 2000 at 19:42:03:
Hi Al,
Here are several ways to get funding:
· Bank line of credit.
· Bring in an investor and split the profit.
· Sell part of your note to recover your cost.
· Borrow against a note
· Credit cards. (Be careful doing this.)
· Borrow from family, or friends.
· IRA money from family/friends/investors.
· Borrow against other assets?car/truck/RV/boat etc.
· Have seller take payments instead of cash.
Hope this helps,
Lonnie
Re: additional funding - Posted by ChrisAZ
Posted by ChrisAZ on May 20, 2000 at 19:40:28:
Hi Al
What I am doing is buying newer (mid to late 80’s) mobiles that need cosmetic work, fixing them up and selling them with financing through a bank or finance company, that way I can get all my money at once. After I build up some more capital I will focus on Lonnie type deals.
Good Luck
Chris