Advice With Deal - Posted by Robert (AL)

Posted by Bud Branstetter on May 03, 1999 at 12:20:00:

Not a bad return at 47%. In order to sell a portion of the note on a national basis I would suggest trying to get the land as collateral also. MH’s with land are much more saleable. You may also want to contact local buyers in your area. Find out who is renting a number of homes in various parks. Call some of the local ads. Even put an ad in the paper to sell your partial note or create a new note secured against that note.

Advice With Deal - Posted by Robert (AL)

Posted by Robert (AL) on May 02, 1999 at 12:37:05:

I have a mh deal that I think could go through but I need some help with the logistics, here goes-

1985 14x70 Rosemont 3 bdr/2 bth
central A/C,refrigerator, elec. range, 6x8 wood porch, vinyl skirting, ceiling fans, I can even have the power pole if I want it
mh is in very good condition, no leaks, no soft floors, etc.
Asking price $7200, she already said she would take no less than $6000 (I think I can “encourage” her to take $5500)
The mh must be moved (it is on her grandmother’s property, not a park) She will be out of the mh on 6/1.

I have a buyer looking for this very thing (3bdr/ 2bth). She said she could handle about $1000 down and payments of about $250/month. She wants a mh that she can move to some land she already has. She will pay for move.

I think I can sell it to her for $8000-$8500. I would structure the deal like this-
Purchase price $8000
Down pmt -1000
Note $7000
interest rate 12.75%
Financed for 36 months
payments $235.02

To pay seller the $5500, I would have the $1000 from buyer plus additional $4500 from me. I don’t have that much to work with. I need to sell a partial note to come up with about $2500 in time for the settlement (maybe more in order to increase the yield on the money I have invested in the deal) What can I do to make this happen?

Any input would be greatly appreciated!